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USD/CAD Technical Analysis: Digesting Gains Below 1.10

USD/CAD Technical Analysis: Digesting Gains Below 1.10

2014-08-11 22:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0811
  • Support: 1.0899, 1.0845, 1.0802
  • Resistance: 1.0989, 1.1042, 1.1085

The US Dollar is digesting gains against its Canadian counterpart having turned higher as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0989, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1042. Alternatively, a turn below the 23.6% Fib retracement at 1.0899 clears the way for a challenge of the 38.2% threshold at 1.0845.

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 remains open to capture any further upside momentum with a stop-loss adjusted to the breakeven level.

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USD/CAD Technical Analysis: Digesting Gains Below 1.10

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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