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 – All Eyes on Double Bottom

USD/CAD Technical Analysis – All Eyes on Double Bottom

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: 1.0828-50 (23.6% Fib exp., double bottom?), 1.0782 (38.2% Fib exp.)
  • Resistance: 1.0892 (14.6% Fib exp.), 1.0941 (May 21 high)

The US Dollar declined for a fourth consecutive day against its Canadian counterpart after finding resistance below the 1.10 figure. Prices are testing the 1.0828-50 zone marked by the 23.6% Fibonacci expansion and a would-be double bottom. A daily close below this barrier initially targets the 38.2% level at 1.0782. Alternatively, a turn above the 14.6% Fib at 1.0892 clears the way for a test of 1.0941, the May 21 high.

Risk/reward considerations argue against entering short with prices sitting just above support. On the other hand, taking up the long side is premature absent a defined bullish reversal signal. We will remain flat for now.

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

USD/CAD Technical Analysis – All Eyes on Double Bottom

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