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USD/CAD Technical Analysis: Still Holding Long Position

USD/CAD Technical Analysis: Still Holding Long Position

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0811
  • Support: 1.0780, 1.0741, 1.0699
  • Resistance: 1.0875, 1.0952, 1.1029

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 in the 1.0875, the 38.2% Fibonacci retracement, exposes the 50% level at 1.0952. Alternatively, a reversal beneath the 23.6% Fib at 1.0780 opens the door for a test of falling trend line resistance-turned-support at 1.0741.

We entered long USDCAD at 1.0811, initially targeting 1.0875 and with a stop-loss set to activate 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.

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USD/CAD Technical Analysis: Still Holding Long Position

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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