To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CAD Technical Strategy: Flat
- Support: 1.0837 (channel floor), 1.0813 (May 8 low), 1.0782 (38.2% Fib ret.)
- Resistance: 1.0860 (trend line), 1.0923 (23.6% Fib exp.)
The US Dollar has found interim support above the 1.08 figure against its Canadian counterpart but the near-term trend bias remains clouded in uncertainty. Price action seen after the pair set its latest swing low on May 8 may be carving out a rising channel or a continuation Flag pattern. The former carries bullish implications while the latter argues for the downside, with confirmation on which of these two alternatives is more likely absent for the time being.
A daily close above falling trend line resistance at 1.0860 targets the 23.6% Fibonacci expansion at 1.0923, followed by the channel/flag top at 1.0945. Alternatively, a move below the formation’s floor at 1.0837 targets the May 8 low at 1.0813, with the 38.2% Fib expansion at 1.0782 exposed thereafter.
Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!
Daily Chart - Created Using FXCM Marketscope 2.0
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.