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: 1.0948, 1.0908, 1.0848
  • Resistance:1.0987-1.1001, 1.1044, 1.1087

The US Dollar looks to be resuming the advance against its Canadian namesake initiated with the appearance of a bullish Piercing Line candle pattern, as expected. A daily close above the 1.0987-1.1001 area, marked by the August 8 high and the 38.2% Fibonacci expansion, exposes the 50% level at 1.1044. Alternatively, a reversal below the 23.6% Fib expansion at 1.0948 opens the door for a rising trend line support set from early July, now at 1.0908.

We bought USDCAD at 1.0811 and subsequently booked profit on half of the position. The remainder of the trade remains 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: August High in the Crosshairs

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Daily Observations: Checking in on GBP-crosses, USD-pairs

  2. Forex News

    Trade Setups in USD-pairs Around Q1’15 GDP Revision

  3. Forex News

    USD/CAD Technical Analysis: Downturn Hinted Sub-1.25

  4. Forex News

    USD/CAD Technical Analysis: Rally Slows Below 1.25 Figure

  5. Forex News

    USD/CAD at Risk for Breakout as Traders Dismiss BoC Rate Decision

Trading Center