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. See our updated Privacy Policy here.

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
More View more
USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

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: 1.0934, 1.0874, 1.0825
  • Resistance:1.0998, 1.1043, 1.1098

The US Dollar turned lower as expected against its Canadian counterpart after prices produced a Shooting Star candlestick. A daily close below the 23.6% Fibonacci retracement at 1.0934 exposes the 38.2% level at 1.0874. Alternatively, a turn above the 1.0985-98 area marked by the August 6 high and the 50% Fib expansion clears the way for a test of the 61.8% level at 1.1043.

Risk/reward considerations argue against entering short with prices sitting at support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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

USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

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