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Forex: USD/CAD Technical Analysis – Deeper Losses Seen Ahead

Forex: USD/CAD Technical Analysis – Deeper Losses Seen Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0935 (trend line from Oct), 1.0909 (Feb 19 low)
  • Resistance: 1.1016 (trend line from Jan), 1.1054 (range bottom)

The Canadian Dollar is aiming to continue higher against its US counterpart after prices cleared support at a rising trend line set from early January. Sellers now aim for a larger trend line barrier established from October, now at 1.0935. A break below that initially targets the February 19 low at 1.0909. Alternatively, a reversal back above broken trend line support (now at 1.1016) aims for range support-turned-resistance at 1.1054.

Prices are too close to relevant support to justify a short trade from a risk/reward perspective. Entering long is premature without a defined reversal signal however. We will continue to wait for an actionable trade setup from the sidelines for now.

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

dailyclassics_usd-cad_body_Picture_11.png, Forex: USD/CAD Technical Analysis – Deeper Losses Seen 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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