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USD/CAD Technical Analysis: 4-Month Trend Line in Focus

USD/CAD Technical Analysis: 4-Month Trend Line in Focus

2014-07-18 00:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0698, 1.0626-39, 1.0570
  • Resistance: 1.0780, 1.0875, 1.0952

The US Dollar turned higher against its Canadian namesake as expected after prices completed a bullish Piercing Line candlestick pattern. A daily close above resistance is at 1.0780, the intersection of the 23.6% Fibonacci retracement and a falling trend line set from late March, exposes the 38.2% level at 1.0875. Alternatively, a reversal beneath the 14.6% Fib expansionat 1.0698 opens the door for a test of the 1.0626-39 area (23.6% expansion, July 2 low).

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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USD/CAD Technical Analysis: 4-Month Trend Line in Focus

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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