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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • 🇦🇺 Wage Price Index YoY (Q1) Actual: 1.5% Expected: 1.4% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-05-19
  • A fairly profound tweet thread from US Treasury Secretary Yellen, who calls for a reframing of US fiscal policy. https://t.co/yxYmHF6ScY
  • Heads Up:🇦🇺 Westpac Leading Index MoM (APR) due at 01:30 GMT (15min) Previous: 0.38% https://www.dailyfx.com/economic-calendar#2021-05-19
  • Heads Up:🇦🇺 Wage Price Index YoY (Q1) due at 01:30 GMT (15min) Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-05-19
  • S&P 500 Index Retreats as Energy Stocks Fall, Nikkei 225 and ASX 200 May Follow https://www.dailyfx.com/forex/market_alert/2021/05/19/SP-500-Index-Retreats-as-Energy-Stocks-Fall-Nikkei-225-and-ASX-200-May-Follow.html https://t.co/gHA0iiLPBr
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/YCzWc2ZrMx
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/SxqMuFR3Ht
  • 🇦🇺 Westpac Consumer Confidence Index (MAY) Actual: 113.1 Previous: 118.8 https://www.dailyfx.com/economic-calendar#2021-05-19
  • Heads Up:🇦🇺 Westpac Consumer Confidence Index (MAY) due at 00:30 GMT (15min) Previous: 118.8 https://www.dailyfx.com/economic-calendar#2021-05-19
  • Bitcoin and Litecoin are moving higher after Tesla CEO Elon Musk's Twitter dealings injected volatility into the crypto market. Get your #cryptocurrency market update from @FxWestwater here:https://t.co/Zbd1TSiIuc https://t.co/LQQe4Wpg2N
USD/CAD Technical Analysis: Range Bottom Holds Up

USD/CAD Technical Analysis: Range Bottom Holds Up

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: 1.1953, 1.1823, 1.1717
  • Resistance: 1.2034, 1.2083, 1.2165

The US Dollar managed to hold the bottom up above long-standing range support below the 1.20 figure against its Canadian counterpart. Near-term support is at 1.1953, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.1823. Alternatively, a turn above the 14.6% Fib at 1.2034 opens the door for a challenge of trend line resistance at 1.2083.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

USD/CAD Technical Analysis: Range Bottom Holds Up

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