USD/CAD Technical Analysis: July Swing Top Under Pressure
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- USD/CAD Technical Strategy: Long at 1.2649
- Support: 1.3002, 1.2872, 1.2729
- Resistance: 1.3090, 1.3232, 1.3347
The US Dollar is back to test July’s swing high against its Canadian namesake having recovered after a brief pullback. A daily close above the 23.6% Fibonacci expansion at 1.3090 exposes the 38.2% level at 1.3232. Alternatively, a move below the 14.6% expansion at 1.3002 opens the door for a challenge of the 23.6% Fib retracement at 1.2872.
We entered long USDCAD at 1.2649and 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.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com