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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
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
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The outlook for the S&P 500 seems to have become more important than the price of #crudeoil for some energy sector ETFs. Will this dynamic last and what are the risks ahead? Find out from @ddubrovskyFX here:https://t.co/jCuUCdTfPw https://t.co/dzgvle2WjK
  • 🇵🇭 Inflation Rate YoY (JUN) Actual: 2.5% Expected: 2.2% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET /2:00 AM GMT to prepare for the week ahead in trading $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/yEPAY8yPyK
  • RT @DanielGMoss: $USD plunging to kick of the #APAC session The risk-sensitive $AUDUSD soaring to test the psychologically pivotal 0.70 l…
  • Heads Up:🇵🇭 Inflation Rate YoY (JUN) due at 01:00 GMT (15min) Expected: 2.2% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Market snapshot: US equity futures pointing higher while #USD is falling with #JPY
  • The US Dollar may be readying to rise against the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit. If so, what could be the potential for follow-through? Find out from @ddubrovskyFX here: https://t.co/vGiZGqFc7V https://t.co/vhnKjMFaT7
  • #AUD May Extend Gains on #RBA Rate Decision After Wall Street Bounce - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/07/06/AUD-May-Extend-Gains-on-RBA-Rate-Decision-After-Wall-Street-Bounce.html
  • 🇯🇵 Household Spending YoY (MAY) Actual: -16.2% Expected: -12.2% Previous: -11.1% https://www.dailyfx.com/economic-calendar#2020-07-06
  • The Dow Jones may rise based on signals from trader positioning, placing the focus on resistance ahead. This is as the S&P 500 pressures a key falling trend line, will it hold? Find out from @ddubrovskyFX here:https://t.co/UvXqX50YIp https://t.co/dtE8NHLW7L
USD/CAD Technical Analysis: Long Position Now in Play

USD/CAD Technical Analysis: Long Position Now in Play

2014-07-28 00:12:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0811
  • Support: 1.0780, 1.0746, 1.0699
  • Resistance: 1.0875, 1.0952, 1.1029

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0875, the 38.2% Fibonacci retracement. A break above that on a daily closing basis initially exposes the 50% level at 1.0952. Alternatively, a turn below support at 1.0780, the 23.6% Fib, clears the way for a challenge of falling trend line resistance-turned-support at 1.0746.

The break above trend line resistance set from the March 20 swing top seems to offer the confirmation of an upward reversal cues we’ve been looking for on the weekly chart. We will now enter long, initially targeting 1.0875. A stop-loss will be triggered on a daily close below 1.0747. Profit on half of the position will be booked and the stop-loss moved to the breakeven level once the first objective is met.

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

USD/CAD Technical Analysis: Long Position Now in Play

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

News & Analysis at your fingertips.