USD/CAD Technical Analysis: Prices Rise to 11-Year High
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- USD/CAD Technical Strategy: Long at 1.2649
- Support: 1.3090, 1.3002, 1.2860
- Resistance: 1.3232, 1.3347, 1.3463
The US Dollar continues to press upward against its Canadian counterpart, with hitting the highest levels in eleven years. Near-term resistance is at 1.3232, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.3347. Alternatively, a turn below the 23.6% expansion at 1.3090 clears the way for a test of the 14.6% expansion at 1.3002.
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.
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--- 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.