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.

Free Trading Guides
EUR/USD
Bearish
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
GBP/USD
Bearish
USD/JPY
Bearish
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
Gold
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
Bullish
Bitcoin
Bearish
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
More View more
Real Time News
  • Are you curious to find out wht kind of trader you are? 🧐🤔 Find out through this small quiz from thelink below: https://www.dailyfx.com/research/dna-fx https://t.co/WmPodmFTFF
  • Still good for straddles at the moment, but I'm keeping a wary eye on a directional move from $USDMXN https://t.co/ZTU4wH2uMT
  • $USDARS https://t.co/lbVNAHGf2F
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.06% 🇬🇧GBP: -0.11% 🇯🇵JPY: -0.14% 🇪🇺EUR: -0.24% 🇦🇺AUD: -0.24% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VKc6ZzWKxp
  • NZD/USD, AUD/USD Forecast: Kiwi & Aussie Dollar to USD Price- Breakout Levels More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/nzd-usd/2019/11/12/NZDUSD-AUDUSD-Forecast-Kiwi-Aussie-Dollar-to-USD-Price--Breakout-Levels-MK.html?CHID=9&QPID=917714 https://t.co/rDG2CL6NDm
  • The probability that the Fed holds its current rate range (1.50 - 1.75%) through end of 2020 has dropped from 52% yesterday to 40% today. $DXY vs FF rate pricing to Dec: https://t.co/jYU10Itd1A
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.60% France 40: 0.49% US 500: 0.49% Wall Street: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hA4MvWIaqU
  • $SPX sets a fresh all time high above the 3100 level leading up to Trump talk https://t.co/Bz6jyHPL7x
  • It's Quiz Time...The DNA FX Quiz Discover What Kind of FX Trader You Are!!! https://www.dailyfx.com/research/dna-fx
  • US Crude #oil tests weekly resistance at 57.50 ahead of Trump talk https://t.co/22JMvyZGlB
USD/CAD Technical Analysis – Selloff Pauses Near April Low

USD/CAD Technical Analysis – Selloff Pauses Near April Low

2014-05-07 21:54:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0892 (38.2% Fib exp.), 1.0842-57 (50% Fib exp., Apr 9 low)
  • Resistance: 1.0942-53 (Apr 30 low, 23.6% Fib exp.), 1.0991 (14.6% Fib exp.)

The US Dollar has stalled at chart support having hit the lowest level in a month against its Canadian counterpart. Prices are testing the 38.2% Fibonacci expansionat 1.0892, with a daily close below that exposing the 1.0842-57 region marked by the April 9 low and the 50% level. Near-term resistance is seen in the 1.0942-53 area, the April 30 low and 23.6% Fib. A turn above that initially aims for the 14.6% expansion at 1.0991.

Risk/reward considerations argue against entering short with prices squarely at support. On the other hand, the absence of a defined upside reversal signal means taking up the long side is premature. We will continue to stand aside for now.

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

USD/CAD Technical Analysis – Selloff Pauses Near April Low

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

News & Analysis at your fingertips.