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
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
More View more
USD/CAD Technical Analysis: Pullback Stalls at Support

USD/CAD Technical Analysis: Pullback Stalls at Support

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: 1.2872, 1.2729, 1.2614
  • Resistance: 1.3047, 1.3127, 1.3258

The US Dollar found interim support below the 1.29 figure against its Canadian namesake after correcting downward as expected. A daily close below the 23.6% Fibonacci retracementat 1.2872 exposes the 38.2% level at 1.2729. Alternatively, a move above the 14.6% Fib 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 trade. The remainder of the position will remain in play to take advantage of any further on-coming gains. The stop-loss is now at 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