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USD/CAD Technical Analysis – Looking for Break Above 1.11

USD/CAD Technical Analysis – Looking for Break Above 1.11

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: 1.1017-47 (14.6% Fib exp., trend line), 1.1116 (23.6% Fib exp.)

The US Dollar advanced against its Canadian namesake as expected after the currency pair completed a Bullish Engulfing candlestick pattern. Prices are now testing resistance in the 1.1017-47 area, marked by the 14.6% Fibonacci expansion and a previously broken rising trend line set from mid-January. A break above that on a daily closing basis initially targets the 23.6% Fib at 1.1116. Near-term support is at 1.0857, the April 9 low.

We entered long USD/CAD at 1.0935 and have now booked profit on half of the position at the initial target of 1.1017. The remainder of the position will remain open, looking for a break above resistance to expose 1.1116. The stop-loss has been trailed to the breakeven level (1.0935).

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 – Looking for Break Above 1.11

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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