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
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
Oil - US Crude
Bullish
Wall Street
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
Gold
Mixed
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
GBP/USD
Bullish
USD/JPY
Bearish
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
Real Time News
  • Heads Up:🇷🇺 CBR Press Conference due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-18
  • US will ban people from downloading TikTok and We Chat from the 20th of September
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/7eR2z8LA3V
  • Libya's Haftar says the army has decided to resume output of oil #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.24%, while traders in NZD/USD are at opposite extremes with 67.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KhSpML2e1A
  • 🇷🇺 Interest Rate Decision Actual: 4.25% Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-09-18
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.51% Silver: 0.47% Oil - US Crude: 0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/neu57eYQAY
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.44% 🇯🇵JPY: 0.43% 🇬🇧GBP: 0.15% 🇨🇭CHF: -0.01% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/H9AOMIjOnG
  • Heads Up:🇷🇺 Interest Rate Decision due at 10:30 GMT (15min) Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-09-18
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/0sMIVrdslY
USD/CAD Technical Analysis: Waiting to Enter Long Position

USD/CAD Technical Analysis: Waiting to Enter Long Position

2015-05-04 03:30:00
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: 1.2156, 1.2076, 1.1946
  • Resistance: 1.2286, 1.2391, 1.2496

The US Dollar advanced against its Canadian counterpart as expected after prices produced a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2286, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.2391. Alternatively, a turn below the 23.6% Fib at 1.2156 opens the door for a challenge of the 14.6% retracement at 1.2076.

We maintain that the overall USDCAD trend favors the upside but a broad-based US Dollar pullback over the near to medium term looks likely. With that in mind, we will remain on the sidelines for now and look to enter long once the structural USD advance reasserts itself.

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

USD/CAD Technical Analysis: Waiting to Enter Long Position

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