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: 1.0875, 1.0780, 1.0700
  • Resistance: 1.0952, 1.1029, 1.1124

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. A daily close above resistance at 1.0952, the 50% Fibonacci retracement, exposes the 61.8% level at 1.1029. Alternatively, a reversal beneath the 38.2% Fib at 1.0875 opens the door for a test of the 23.6% retracement at 1.0780.

We entered long USDCAD at 1.0811. The trade has now met its initial objective at 1.0875 ad we’ve taken profit on half of our exposure. The rest will remain 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: Profit Booked on Half of Long

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Daily Observations: Checking in on GBP-crosses, USD-pairs

  2. Forex News

    Trade Setups in USD-pairs Around Q1’15 GDP Revision

  3. Forex News

    USD/CAD Technical Analysis: Downturn Hinted Sub-1.25

  4. Forex News

    USD/CAD Technical Analysis: Rally Slows Below 1.25 Figure

  5. Forex News

    USD/CAD at Risk for Breakout as Traders Dismiss BoC Rate Decision

Trading Center