The US Dollar v/s the Canadian Dollar is a popular currency pair due to the large amount of cross-border trading activity that takes place between The United States and Canada. The Canadian Dollar is often called 'The Loonie' because of the picture depicting a loon on the Canadian $1 coin. The Canadian Dollar is often considered a 'Commodity Currency' due to the large deposits of natural resources, especially Oil that is mined and exported from Canada; particularly with their neighbor to the south.

Support & Resistance

USD/CAD Flatlines Just Above Long Term Support Lines
S11.2570 W R31.3002 S
S21.2516 M R21.2698 M
S31.2531 S R11.2658 W


USD/CAD Flatlines Just Above Long Term Support Lines

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USD/CAD Flatlines Just Above Long Term Support Lines

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David Song   

Currency Analyst

My Picks: Bullish AUD/NZD
Expertise: Fundamental and Technical
Average Time Frame of Trades: 2 - 10 Days

Pivot Points


Symbol Trends Bias Time Frame Candlestick Formation Candle Bias

USD/CAD Candlestick Analysis: Waiting for Long Trade Setup

Fundamental analysis, economic and market themes

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Talking Points:

  • USD/CAD Strategy: Flat
  • Pullback Tests Support Below 1.21 Mark
  • Waiting for Signal to Enter Long Trade

The US Dollar reversed downward against its Canadian namesake as expected having produced bearish Dark Cloud Cover and Bearish Engulfing candlestick patterns coupled with negative RSI divergence. A break below the 23.6% Fibonacci retracement at 1.2078 exposes the 38.2% level at 1.1611. Alternatively, a reversal back above the 14.6% Fib at 1.2366 targets the March swing high at 1.2834.

The dominant long-term USD/CAD trend continues to look bullish. With that in mind, we will look at further losses as corrective and treat them as an opportunity to enter long at more attractive levels once the pullback is exhausted.

USD/CAD Candlestick Analysis: Waiting for Long Trade Setup

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

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