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Forex: USD/CAD Technical Analysis – Turn Lower Hinted Ahead

Forex: USD/CAD Technical Analysis – Turn Lower Hinted Ahead

2014-02-24 07:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Pending Long
  • Support: 1.1066 (23.6% Fib exp.), 1.1006 (14.6% Fib exp.)
  • Resistance: 1.0970 (38.2% Fib ret.), 1.1067 (23.6% Fib ret.)

The Canadian Dollar may be readying to launch a recovery against its US counterpart after prices showed a Shooting Star candle below resistance at 1.1163, the 38.2% Fibonacci expansion. A break below support at 1.1066, the 23.6% level, exposes the 14.6% Fib at 1.1006. Alternatively, a push through resistance aims for the 50% expansion at 1.1241.

A Shooting Star candle marks indecision and requires confirmation to become actionable. Furthermore, prices are too close to relevant support to justify a short trade from a risk/reward perspective. We will remain on the sidelines for now until something more attractive presents itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Turn Lower Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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