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USD/CAD Technical Analysis: Waiting to Confirm Breakout

USD/CAD Technical Analysis: Waiting to Confirm Breakout

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0700, 1.0620, 1.0570
  • Resistance: 1.0749, 1.0790, 1.0830

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0794, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.0790. Alternatively, a turn below support at 1.0700, the 23.6% Fib, aims for the July 3 low at 1.0620.

We are opting to stand aside for now. Looking at the weekly chart, it seems added confirmation is needed to claim that the down move from the mid-March top has been overturned before taking a long position. We will wait for that to materialize.

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USD/CAD Technical Analysis: Waiting to Confirm Breakout

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.

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