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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.16% Oil - US Crude: 0.07% Gold: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nKvZo7Xcu3
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.55% 🇦🇺AUD: 0.49% 🇨🇦CAD: 0.32% 🇨🇭CHF: 0.18% 🇬🇧GBP: 0.17% 🇯🇵JPY: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/feoPRrquoc
  • Heads Up:🇪🇸 Business Confidence (FEB) due at 11:30 GMT (15min) Previous: -3.6 https://www.dailyfx.com/economic-calendar#2021-02-25
  • ECB will purchase bonds flexibility to prevent undue tightening
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: France 40: 0.41% FTSE 100: 0.38% Wall Street: 0.23% US 500: 0.04% Germany 30: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/yHJzP1WtWA
  • ECB's Lane says the ECB is closely monitoring the evolution of the longer-term nominal bond yields $EUR https://t.co/JpwbTqCFjo
  • ECB's Lane due out in 10-minutes Recent comments by ECB Officials - Lagarde "ECB is closely monitoring the evolution of longer-term nominal bond yields" (Feb 22nd) - Schnabel "We will ensure that there is no unwarranted tightening of financing conditions" (Feb 25th)
  • Selling in $CHF has shown little signs of abating, rise in global bond yields continues to pose a headwind $EURCHF performance - WTD +2% - MTD +2.5% https://t.co/H1FxF4154M
  • Join @CVecchioFX at 6:30 AM EST/11:30 GMT for his monthly central bank webinar. Register here: https://t.co/HyPgSrhjor https://t.co/AsCB634xDb
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/NO6wH8ZDJF
USD/CAD Technical Analysis: Profits Booked on Long Trade

USD/CAD Technical Analysis: Profits Booked on Long Trade

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: 1.0853, 1.0809, 1.0765
  • Resistance:1.0908, 1.0954, 1.0985-97

The Canadian Dollar launched an aggressive recovery against its US namesake as expected after showing a Dark Cloud Cover candle pattern coupled with negative RSI divergence. A daily close below the 38.2% Fibonacci retracement at 1.0853 exposes the 50% level at 1.0892. Alternatively, a turn back above the 23.6% Fib at 1.0908 opens the door for a challenge of rising trend line support-turned-resistance at 1.0954.

We bought USDCAD at 1.0811 and subsequently took profit on half ofour exposure upon reaching the first target at 1.0875. Today’s trend line break prompted us to book profit on the remainder of the trade. We will stand aside from here, waiting for another buying opportunity to emerge in line with the dominant long-term uptrend.

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

USD/CAD Technical Analysis: Profits Booked on 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