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. GBP/USD claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center