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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/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
USD/JPY
Bullish
More View more
USD/CAD Technical Analysis – Double Bottom in the Works?

USD/CAD Technical Analysis – Double Bottom in the Works?

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: 1.0828 (double bottom?)
  • Resistance: 1.0892 (trend line), 1.0923 (23.6% Fib ret.), 1.0941 (May 21 high)

The US Dollar may be in the process of setting a double bottom against its Canadian counterpart above the 1.08 figure. A daily close above falling trend line resistance (now at 1.0892) exposes 1.0923, the 23.6% Fibonacci retracement. This is swiftly followed by the May 21 high at 1.0941. Near-term support lines up at 1.0828, the May 8 close.

Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a confirmed bearish reversal signal warns against taking up the short side. Wewill remain flat for now.

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

USD/CAD Technical Analysis – Double Bottom in the Works?

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