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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.95%, while traders in US 500 are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PQBbkVhsYC
  • Tune in to @CVecchioFX 's #webinar at 7:30 AM ET/11:30 AM GMT for insight on major event risk in the week ahead. Register here: https://t.co/X8TIhpKxtF https://t.co/cY4d8HuulB
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.76% Gold: 0.55% Oil - US Crude: -1.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3jrww8p1wR
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇪🇺EUR: 0.24% 🇨🇦CAD: 0.18% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.09% 🇯🇵JPY: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MrwBNuRDKM
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/uJE0fNg0UJ
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.07% FTSE 100: 1.03% France 40: 0.98% Wall Street: 0.62% US 500: 0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gEAqOTqF0h
  • Missed today's Cross-Market Weekly Outlook webinar? See the recording here - https://t.co/Gbz5wXsUvv
  • Last week, Gold rallied to a near eight-year high then retreated after. Will today’s Fed member William’s speech (16:30UK) boost the precious metal’s rally? #Gold, #Fed, #USD https://t.co/ScCkyDTh87
  • Tune in to @nickcawley1 's #webinar at 6:30 AM ET/10:30 AM GMT to prepare for key UK events and markets in the week ahead. Register here: https://t.co/xewSeUoDaT https://t.co/WewarBpt91
  • Makes next week's earnings release interesting...#Tesla https://t.co/D75ZsKyLKj
USD/CAD Technical Analysis: Continuing to Hold Long Trade

USD/CAD Technical Analysis: Continuing to Hold Long Trade

2014-08-03 23:48:00
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: 1.0875, 1.0780, 1.0700
  • Resistance: 1.0952, 1.1029, 1.1124

The US Dollar turned higher against its Canadian namesake as expected after prices produced a bullish Piercing Line candlestick pattern. A daily close above resistance at 1.0952, the 50% Fibonacci retracement, exposes the 61.8% level at 1.1029. Alternatively, a reversal beneath the 38.2% Fib at 1.0875 opens the door for a test of the 23.6% retracement at 1.0780.

We entered long USDCAD at 1.0811. The trade has now met its initial objective at 1.0875 and we’ve taken profit on half of our exposure. The rest will remain open to capture any further upside momentum with a stop-loss adjusted to the breakeven level.

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

USD/CAD Technical Analysis: Continuing to Hold Long Trade

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.