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USD/CAD Technical Analysis – Long Position Still in Play

USD/CAD Technical Analysis – Long Position Still in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0935
  • Support: 1.0857 (Apr 9 low)
  • Resistance: 1.1017-36 (14.6% Fib exp., trend line), 1.1116 (23.6% Fib exp.)

The US Dollar began to recover as expected against its Canadian counterpart after prices put in a Bullish Engulfing candlestick pattern. Prices are approaching resistance in the 1.1017-36 area marked by the 14.6% Fibonacci and a rising trend line set from mid-January. A break above this barrier exposes the 23.6% Fib at 1.1116. Near-term support is at 1.0857, the April 9 low.

We entered a long position at 1.0935 last week and continue to hold the trade. A stop-loss has been set to trigger on a daily close below 1.0857. Profit on half of the position will be booked and the stop-loss trailed to breakeven at 1.1017.

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

dailyclassics_usd-cad_body_Picture_12.png, USD/CAD Technical Analysis – Long Position Still in Play

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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