USD/CAD Technical Analysis: Digesting Gains Below 1.10

By DailyFx | Updated August 11, 2014 AAA

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

    Scalp Webinar: USD Defends Support Slope- Bulls at Risk Ahead of NFP

  2. Forex News

    USD Nearing Turn at End of Q1? Charts to Start the Week

  3. Investing

    USD/CAD Shows Strength on Friday

  4. Forex News

    USD/CAD Technical Analysis: Support Below 1.24 Holding

  5. Investing

    USD/CAD Buying Above 1.25 Handle

Trading Center