USD/CAD Technical Analysis: Familiar Trend Line in Focus

By DailyFx | July 24, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0698, 1.0626-39, 1.0570
  • Resistance: 1.0753, 1.0780, 1.0875

The US Dollar turned higher against its Canadian namesake as expected after prices completed a bullish Piercing Line candlestick pattern. A daily close above resistance in the 1.0753, marked by a falling trend line set from late March, exposes the 23.6% Fibonacci retracement at 1.0780. Alternatively, a reversal beneath the 14.6% Fib expansionat 1.0698 opens the door for a test of the 1.0626-39 zone (23.6% expansion, July 2 low).

Looking at the weekly chart, a bullish reversal signal hints the down move from the mid-March top has been overturned but confirmation is absent. We will opt to stand aside for now.

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

USD/CAD Technical Analysis: Familiar Trend Line in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center