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
More View More
USD/CAD Technical Analysis: Turn Lower Hinted Ahead

USD/CAD Technical Analysis: Turn Lower Hinted Ahead

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.2649
  • Support: 1.2916, 1.2797, 1.2696
  • Resistance: 1.3047, 1.3127, 1.3258

The US Dollar may be readying to turn lower against its Canadian namesake following the appearance of a Shooting Star candlestick coupled with negative RSI divergence. A daily close below the July 21 lowat 1.2916 exposes resistance-turned-support at 1.2797.Alternatively, a move above the 14.6% Fibonacci expansion at 1.3047 opens the door for a challenge of the 23.6% level at 1.3127.

We entered long USDCAD at 1.2649 and have since taken profit on half of the position. While the Shooting Star candle setup is a worrisome development, confirmation of reversal is absent for now. With that in mind, the remainder of the position will remain in play with a stop-loss adjusted to the breakeven level.

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.

DISCLOSURES