Skip to content
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
Oil - US Crude
Bullish
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
USD/CAD Technical Analysis: Waiting to Get Long at 1.2500

USD/CAD Technical Analysis: Waiting to Get Long at 1.2500

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CAD Technical Strategy: Pending Long at 1.2500
  • Support: 1.2491, 1.2354, 1.2236
  • Resistance: 1.2646, 1.2827, 1.2973

The US Dollar may correct lower against its Canadian counterpart after prices put in a Hanging Man candlestick. Triangle pattern top resistance-turned-support is at 1.2491, with a break below that on a daily closing basis exposing the February 2 low at 1.2354. Alternatively, a push above the 23.6% Fibonacci expansionat 1.2646 clears the way for a test of the 1.2801-27 area (January 30 high, the 38.2% level).

Last week’s Triangle breakout argues for a bullish bias prices are too close to resistance to justify triggering a trade from a risk/reward perspective. With that in mind, we look for a pullback to enter long at 1.2500. If activated, the trade will initially aim for 1.2646 and carry a stop-loss set off on a daily close below 1.2354.

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

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