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
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
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 96.86%, while traders in NZD/USD are at opposite extremes with 69.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yOLbxwOKhF
  • The Indian #Rupee may weaken following a breakout higher in $USDINR over the past 24 hours. Despite rising global stock market volatility, the #nifty50 has been holding its ground. Could it capitulate lower? - https://www.dailyfx.com/forex/technical/article/special_report/2020/10/29/Indian-Rupee-Nifty-50-Forecast-USDINR-Breakout-as-Volatility-Spikes.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/GPQSQMvUsn
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.28% 🇨🇦CAD: 0.24% 🇬🇧GBP: 0.16% 🇨🇭CHF: 0.10% 🇪🇺EUR: 0.07% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/YuqROnNqY7
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.95% Wall Street: 0.95% France 40: 0.56% Germany 30: 0.46% FTSE 100: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kACR087bkv
  • $USD Technical Analysis: $AUDUSD, $EURUSD, $GBPUSD Key Levels to Watch - https://www.dailyfx.com/forex/technical/home/analysis/us_dollar_index/2020/10/29/USD-Technical-Analysis-AUDUSD-EURUSD-GBPUSD-Key-Levels-to-Watch.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/qhWkEqOHVW
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/RkYUVwtuaF
  • BoJ: Risks are tilted to downside for economic, price outlook. Outlook assumes no large-scale spread of virus -BBG
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/ZhHOodO1yI
  • BoJ downgrades view on FY2020 CPI and GDP, adding that it will take more action without hesitation if needed -BBG
  • BoJ: Maintains policy balance rate at -0.1% Maintains 10-year JGB yield target at about 0% -BBG
USD/CAD Technical Analysis: Stalling After Bearish Reversal

USD/CAD Technical Analysis: Stalling After Bearish Reversal

2014-09-01 23:49:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0853, 1.0809, 1.0765
  • Resistance:1.0908, 1.0942, 1.0985-97

The US Dollar dropped against its Canadian counterpart as expected after putting in a Dark Cloud Cover candlestick pattern coupled with negative RSI divergence. Near-term support is at 1.0853, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 1.0892. Alternatively, a reversal above the 23.6% Fib at 1.0908 opens the door for a challenge of the 14.6% retracement at 1.0942.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

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

USD/CAD Technical Analysis: Stalling After Bearish Reversal

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