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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Philippine keeps CPI assumption through 2020 at 2%-4%, latest estimates on 2020-2022 GDP growth at 6.5% to 7.5% -BBG $USDPHP #PHP #BSP
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: -0.04% Silver: -0.18% Oil - US Crude: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LgsPNfcKsp
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.05% 🇪🇺EUR: 0.01% 🇨🇭CHF: -0.01% 🇨🇦CAD: -0.05% 🇬🇧GBP: -0.15% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OY4a8ADSNd
  • Missed this week's session on IG Client Sentiment? Check out the recording on YouTube below! - https://t.co/89A37fRLyg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 77.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MkBuM9u61U
  • On the first day of holiday movies, John McClane had to say, "welcome to the party and yippee-ki-yay"
  • #NZDJPY Technical Outlook: Bearish Correction Ahead? https://www.dailyfx.com/forex/market_alert/2019/12/11/NZDJPY-Technical-Outlook-Bearish-Correction-Ahead.html
  • Japan's Chief Cabinet Secretary Suga: Paying close attention to the economy after the sales tax hike -BBG
  • $USDCNH https://t.co/huK7xAti8U
  • RT @zerohedge: Yuan Tumbles After Navarro Warns "No Indication That Tariffs Will Be Delayed" https://t.co/mQlQTiQjgM
USD/CAD Technical Analysis: Torn Between Conflicting Cues

USD/CAD Technical Analysis: Torn Between Conflicting Cues

2014-12-09 23:51:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1440, 1.1312, 1.1190
  • Resistance: 1.1518, 1.1595, 1.1691

US Dollar technical positioning against its Canadian counterpart has become clouded by conflicting considerations. On one hand, a break above the 38.2% Fibonacci expansion at 1440 appears to have exposed the 50% level at 1.1518, with a further push beyond that eyeing the 61.8% Fib at 1.1595. However, the appearance of a bearish Dark Cloud Cover candlestick pattern warns a turn downward may be ahead, with a push below 1.1440 clearing the way for a test of 1.1312, the intersection of the December 1 low and a rising trend line set from late August.

Risk/reward considerations argue against entering short given the pair’s proximity to support. On the other hand, entering long in the face of a significant bearish signal seems ill-advised. As such, we will remain flat for now until greater clarity emerges.

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

USD/CAD Technical Analysis: Torn Between Conflicting Cues

Daily Chart - Created Using FXCM Marketscope

--- 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.