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
EUR/USD
Bullish
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
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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • New York City Government Bonds downgraded from Aa1 to Aa2 by Moody's - BBG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.16% Germany 30: 0.12% FTSE 100: 0.03% US 500: -0.01% Wall Street: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xQ8olnfK5k
  • Amid global equities climbing higher, the Japanese Yen has seen demand fade, particularly after a bout of disappointing Japanese economic data. Get your $JPY market update from @CVecchioFX here: https://t.co/vBNpDHIRbq https://t.co/0Q8pHpdw3z
  • Canadian #Dollar Outlook: $USDCAD Pullback to Offer Opportunity - #Loonie Levels - https://t.co/eBhP0fhmk8 https://t.co/nE6pCQcLeH
  • Silver prices have struggled to set support over the past week, but today’s move is encouraging for Silver bulls and there may be scope for topside continuation. Get your $XAG market update from @JStanleyFX here:https://t.co/IXGwt7iWOY https://t.co/oGfeq9BhUx
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.91% Gold: 1.18% Oil - US Crude: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DguhEbR3xk
  • Mnuchin and Pelosi plan to continue talks on stimulus later today - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.36%, while traders in Wall Street are at opposite extremes with 64.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1hXd5NIVwS
  • $SPX battling it out at resistance. same zone that was in-play mid-August, and was also the prior ath set in Feb $ES $SPY https://t.co/lgu4PPk1cK
  • 🇧🇷 Balance of Trade (SEP) Actual: $6.2B Expected: $7.1B Previous: $6.6B https://www.dailyfx.com/economic-calendar#2020-10-01
USD/CAD Technical Analysis – Waiting for Long Trade Setup

USD/CAD Technical Analysis – Waiting for Long Trade Setup

2014-05-18 22:07:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0800-13 (May 8 low, trend line)
  • Resistance: 1.0910 (trend line), 1.1072 (23.6% Fib exp.)

The US Dollar may be readying to resuming its advance against its Canadian counterpart having put in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0910, marked by a falling trend line set from the March 20 high. A break above this barrier aims for the 23.6% Fibonacci expansion at 1.1072. Support is seen in the 1.0800-13 area, marked by the May 8 low and a falling trend line set from mid-February.

Confirmation of upward resumption requires a daily close above trend line resistance. We will remain on the sidelines for the time being, waiting for that to materialize before entering a long position.

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

USD/CAD Technical Analysis – Waiting for Long Trade Setup

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