USD/CAD Technical Analysis: 1.09 Figure Holding as Support

By DailyFx | August 14, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0811
  • Support: 1.0899, 1.0845, 1.0802
  • Resistance: 1.0989, 1.1042, 1.1085

The US Dollar continues to tread water against its Canadian namesake having turned higher as expected after producing a bullish Piercing Line candlestick pattern. A daily close above resistance at 1.0989, the 23.6% Fibonacci expansion, exposes the 38.2% level at 1.1042. Alternatively, a reversal beneath the 23.6% Fib retracement at 1.0899 opens the door for a test of the 38.2% threshold at 1.0845.

We bought USDCAD at 1.0811 and subsequently booked profit on half of the position. The remainder of the trade will remain open to capture any further upside momentum, with the stop-loss now adjusted to the breakeven level.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: 1.09 Figure Holding as Support

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision
    Forex News

    USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision

  2. USD/CAD Technical Analysis: Stalling Above 1.12 Figure
    Forex News

    USD/CAD Technical Analysis: Stalling Above 1.12 Figure

  3. USD/CAD Slow and Steady Uptrend
    Forex News

    USD/CAD Slow and Steady Uptrend

  4. USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction
    Forex News

    USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

  5. USD/CAD Technical Analysis: Channel Support in Focus
    Forex News

    USD/CAD Technical Analysis: Channel Support in Focus

Trading Center