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USD/CAD Technical Analysis – Long Position Remains Active

USD/CAD Technical Analysis – Long Position Remains Active

2014-05-21 22:56:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0907
  • Support: 1.0849 (May 19 low), 1.0813 (May 8 low)
  • Resistance: 1.0973 (14.6% Fib exp.), 1.1072 (23.6% Fib exp.)

The US Dollar edged higher against its Canadian counterpart as expected after prices put in a bullish Piercing Line candlestick pattern. The bulls now aim to challenge the 14.6% Fibonacci expansion at 1.0973, with daily close above that exposing the 23.6% level at 1.1072. Falling trend line resistance-turned-support is now at 1.0881, with a reversal back below that eyeing swing lows in the 1.0813-49 area.

We entered long USDCAD at 1.0907, initially aiming for1.0973. A stop-loss is set to trigger on a daily close above 1.0849. We will take profit on half of the position at 1.0973 and trail the stop-loss to the breakeven level.

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USD/CAD Technical Analysis – Long Position Remains Active

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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