USD/CAD Technical Analysis: Looking for Fuel Below 1.08

By DailyFx | Updated July 30, 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: 1.0759-80, 1.0875, 1.0952

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0759-80 area, marked by the 23.6% Fibonacci retracement and a falling trend line set from late March. A break above this barrier on a daily closing basis exposes the 38.2% level at 1.0875. Alternatively, a turn below support at 1.0698, the 14.6% Fib expansion, clears the way for a challenge 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: Looking for Fuel Below 1.08

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: Quiet Consolidation Continues

  2. Forex News

    USDCAD Reversal Scalps Pending Below 1.2700 Resistance Ahead of NFPs

  3. Forex News

    April Forex Seasonality Foresees Weakest Month of Year for USD

  4. Forex News

    USD in Holding Pattern as Calendar Turns to April, Q2

  5. Forex News

    USD/CAD Technical Analysis: Eyeing Familiar Range Top

Trading Center