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USD/CAD Bullish Objective Achieved, Look for Pullbacks for Long Entries

USD/CAD Bullish Objective Achieved, Look for Pullbacks for Long Entries

Christopher Vecchio, CFA, Senior Strategist
USDCAD_Bullish_Objective_Achieved_Look_for_Pullbacks_for_Long_Entries_body_Picture_6.png, USD/CAD Bullish Objective Achieved, Look for Pullbacks for Long Entries

Chart prepared by Christopher Vecchio using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREX Analysis: After breaking out of the descending trendline off of the October 2011 and June 2012 highs, the USDCAD has successfully retested and rallied from what is now support at C$1.0325/40. The rally was rejected channel resistance that has guided the pair since September 2012 (drawn off of September 2012 and January 2013 swing lows, parallel at the March 2013 high) at 1.0540/50. Similarly, this level coincided with the 100% Fibonacci extension of the May low to May high move, with the extension drawn to the June low.

FOREX Trading Strategy: The bullish objective given the 100% Fibonacci extension and channel resistance at 1.0540/50 was met, putting focus on looking to reenter longs on pullbacks. Given broad US Dollar strength, dips may be shallow. The first level that may induce buying is the 23.6% Fibonacci retracement of the May low/high at 1.0425/30.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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