News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: -0.11% Oil - US Crude: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XbB9cZNVhI
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/mp9uMbpRgg
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.45% 🇬🇧GBP: 0.32% 🇦🇺AUD: 0.18% 🇨🇭CHF: 0.10% 🇨🇦CAD: 0.04% 🇯🇵JPY: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/I4S6FaLqFn
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.49% France 40: 0.45% Germany 30: 0.45% US 500: 0.34% Wall Street: 0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mYqmNppOqU
  • 🇫🇷 Business Confidence (JAN) Actual: 98 Expected: 94 Previous: 93 https://www.dailyfx.com/economic-calendar#2021-01-21
  • Heads Up:🇪🇺 European Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-21
  • Turkey weighs end to dividend freeze for banks - BBG $TRY
  • Chinese Commerce Ministry: China will take measures against actions undermining interest - BBG $USDCNH
  • EUR/USD Hovering Above Support as ECB Rate Decision Shifts into View - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/21/EURUSD-Hovering-Above-Support-as-ECB-Rate-Decision-Shifts-into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #ECB $EUR $EURUSD https://t.co/uOpwtx661p
  • 🇮🇩 Interest Rate Decision Actual: 3.75% Expected: 3.75% Previous: 3.75% https://www.dailyfx.com/economic-calendar#2021-01-21
Forex: USD/CAD Technical Analysis – Support Above 1.10 in Focus

Forex: USD/CAD Technical Analysis – Support Above 1.10 in Focus

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1019 (23.6% Fib ret.), 1.0859 (38.2% Fib ret.)
  • Resistance: 1.1092 (trend line), 1.1126 (horizontal pivot)

The US Dollar may be vulnerable to further selling against its Canadian counterpart after prices cleared support at a rising trend line set from mid-February. Near-term support is at 1.1019, the 23.6% Fibonacci retracement. A break below this barrier on a daily closing basis exposes the 38.2% level at 1.0859. Trend line support-turned-resistance is now at 1.1092, with a move above that eyeing a horizontal pivot at 1.1126.

Risk/reward considerations argue against entering short while prices trade so close to relevant support. On the other hand, a long position lacks an actionable upward reversal signal to suggest that resistance will hold. As such, we will remain flat for now.

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 – Support Above 1.10 in Focus

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.

DISCLOSURES