USD/CAD Technical Analysis: Holding Long Through Pullback
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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 corrected lower against its Canadian counterpart but the dominant rising trend seems to be intact. 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 1.2649and 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