USD/CAD Technical Analysis: Bulls Reclaim 1.07 Figure

By DailyFx | July 13, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0700, 1.0620, 1.0570
  • Resistance: 1.0749, 1.0790, 1.0830

The US Dollar turned higher against its Canadian namesake as expected after prices completed a bullish Piercing Line candlestick pattern. Buyers are aiming to challenge the 38.2% Fibonacci retracement at 1.0794, with a daily close above that exposing the 50% level at 1.0790. Alternatively, a reversal below the 23.6% Fib at 1.0700 aims for the July 3 low at 1.0620.

Risk/reward considerations argue against entering long with prices trading in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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

USD/CAD Technical Analysis: Bulls Reclaim 1.07 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/CHF has an affair with 0.9350
    Forex News

    USD/CHF has an affair with 0.9350

  2. Elroy sees EUR/USD trading below 1.20 - FXStreet
    Forex News

    Elroy sees EUR/USD trading below 1.20 - FXStreet

  3. EUR/GBP slowly drifting at 0.7950
    Forex News

    EUR/GBP slowly drifting at 0.7950

  4. USD/JPY: two steps forward, one step back
    Forex News

    USD/JPY: two steps forward, one step back

  5. USD/JPY bullish above 104.68 – Commerzbank
    Forex News

    USD/JPY bullish above 104.68 – Commerzbank

Trading Center