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: 1.0780, 1.0736, 1.0699
  • Resistance: 1.0875, 1.0952, 1.1029

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0875, the 38.2% Fibonacci retracement. A break above that on a daily closing basis initially exposes the 50% level at 1.0952. Alternatively, a turn below support at 1.0780, the 23.6% Fib, clears the way for a challenge of falling trend line resistance-turned-support at 1.0736.

We bought USDCAD at 1.0811, initially targeting 1.0875. A stop-loss will be triggered on a daily close below 1.0747. Profit on half of the position will be booked and the stop-loss moved to the breakeven level once the first objective is met.

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

USD/CAD Technical Analysis: Long Trade Nears First Target

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Key Levels to Know on USD Majors Heading into NFPs and July Trade

  2. Forex News

    Multiple Bullish Reversal Candles on USDCAD Into June Highs

  3. Forex News

    USD/CAD on Cusp of Breakout as EUR/USD Retreats

  4. Forex News

    USD/CAD Technical Analysis: June Top in the Crosshairs

  5. Forex News

    USD/CAD Ends June Near Several Trendlines

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!