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
More View more
USD/CAD Technical Analysis: Waiting to Confirm Reversal

USD/CAD Technical Analysis: Waiting to Confirm Reversal

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: 1.0698, 1.0626-39, 1.0570
  • Resistance: 1.0770-80, 1.0875, 1.0952

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0770-80 area, marked by the 23.6% Fibonacci retracement and a falling trend line set from late March. A break above this barrier on a daily closing basis exposes the 38.2% level at 1.0875. Alternatively, a turn below support at 1.0698, the 14.6% Fib expansion, clears the way for a challenge of the 1.0626-39 zone (23.6% expansion, July 2 low).

Looking at the weekly chart, a bullish reversal signal hints the down move from the mid-March top has been overturned but confirmation is absent. We will opt to stand aside for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Waiting to Confirm Reversal

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