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USD/CAD Technical Analysis: Long Position Now in Play

USD/CAD Technical Analysis: Long Position Now in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.2649
  • Support: 1.2618, 1.2524, 1.2449
  • Resistance: 1.2770, 1.2922, 1.3016

The US Dollar is aiming for a barrier capping gains since January after securing a foothold above the 1.26 figure against its Canadian namesake. Near-term resistance is in the 1.2770-97 area (100% Fibonacci expansion, January 30 high), with a break above that on a daily closing basis exposing the 123.6% level at 1.2922. Alternatively, a reversal below the 76.4% Fib at 1.2618 clears the way for a test of the 61.8% expansion at 1.2524.

We will now enter long, initially targeting 1.2770. A stop-loss will be activated on a daily close below 1.2585. We will take profit on half of the position and move the stop to the breakeven level (1.2649) once the first objective is met.

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

--- 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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