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 is digesting gains against its Canadian counterpart having turned higher as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0989, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1042. Alternatively, a turn below the 23.6% Fib retracement at 1.0899 clears the way for a challenge of the 38.2% threshold at 1.0845.

We entered long USDCAD at 1.0811. The trade has now met its initial objective at 1.0875 and we’ve taken profit on half of our exposure. The rest remains open to capture any further upside momentum with a stop-loss adjusted to the breakeven level.

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

USD/CAD Technical Analysis: Digesting Gains Below 1.10

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/CAD Technical Analysis: Eyeing Resistance Above 1.23

  2. Forex News

    USD/CAD, USD/JPY Seen as Most Resilient USD-Pairs

  3. Investing

    USD/CAD Continues to Struggle During Trading Session

  4. Forex News

    USD/CAD Technical Analysis: Treading Water Below 1.23

  5. Forex News

    USD/CAD Former Resistance Line May Provide Support Near 1.21

Trading Center