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USD/CAD Technical Analysis: Pullback to Yield Long Trade

USD/CAD Technical Analysis: Pullback to Yield Long Trade

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2208, 1.2014, 1.1820
  • Resistance: 1.2448, 1.2620, 1.2801

The US Dollar declined as expected against its Canadian counterpart after putting in a Shooting Star candlestick at trend line resistance. A daily close below the 38.2% Fibonacci retracement at 1.2208 exposes the 50% level at 1.2014. Alternatively, a reversal above the 1.2381-2448 area (January 27 low, 23.6% Fib) opens the door for a challenge of trend line resistance at1.2620.

We see the long-term USDCAD trend as favoring the upside. With that in mind, we will treat on-coming weakness as corrective and look for opportunities to enter long once the down move appears exhausted. In the meantime, we will remain flat.

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

USD/CAD Technical Analysis: Pullback to Yield Long Trade

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.

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