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. See our updated Privacy Policy here.

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
More View more
USD/CAD Technical Analysis – Candle Pattern Hints at Bounce

USD/CAD Technical Analysis – Candle Pattern Hints at Bounce

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: 1.0810 (trend line)
  • Resistance: 1.0923 (23.6% Fib ret.), 1.0954 (trend line)

The US Dollar may be readying to launch a recovery against its Canadian counterpart after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0923, the 23.6% Fibonacci retracement, with a break higher on a daily closing basis exposing a falling trend line at 1.0954. Support is seen at a falling trend line set from mid-February, now at 1.0810.

Prices are too close to relevant resistance to justify a long position at current levels from a risk/reward perspective. We will stand aside for now, looking for a break upward or a corrective pullback to yield a buying opportunity.

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

USD/CAD Technical Analysis – Candle Pattern Hints at Bounce

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