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USD/CAD Technical Analysis: Bulls Fight to Retake Control

USD/CAD Technical Analysis: Bulls Fight to Retake Control

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.2649
  • Support: 1.2872, 1.2729, 1.2614
  • Resistance: 1.3002, 1.3090, 1.3232

The US Dollar is working to rebuild upside momentum against its Canadian counterpart after an expected correction lower. Near-term resistance is at 1.3002, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 1.3090. Alternatively, a reversal below the 23.6% Fib retracement at 1.2872 clears the way for a test of the 38.2% threshold at 1.2729.

We bought USDCAD at 1.2649 and have since booked profit on half of the position. The rest of the trade will remain open to take advantage of any further gains ahead. The stop-loss has been moved 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.

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