Filed Under:
Forex pairs in this Article » USD/CAD
To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1036 (50% Fib exp.), 1.0999 (618% Fib exp.)
  • Resistance: 1.1074 (38.2% Fib exp.), 1.1119 (23.6% Fib exp.)
Prices moved lower as expected after putting a Shooting Star candle. Sellers are aiming to challenge the 50% Fibonacci expansion at 1.1036, with a break below that exposing the 61.8% level at 1.0999. Alternatively, a turn back above the 38.2% Fib at 1.1074 targets the 23.6% expansion at 1.1119.

A close above the Shooting Star high at 1.1194 is a logical invalidation condition for a short position but the close proximity between current prices and near-term technical targets doesn’t allow for establishing at least 1:1 risk/reward parameters on this basis. As such, we will continue to stand aside.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Loonie Strengthens as ExpectedDaily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Trading Center