USD/CAD Technical Analysis: Waiting to Confirm Breakout

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: 1.0700, 1.0620, 1.0570
  • Resistance: 1.0749, 1.0790, 1.0830

The US Dollar advanced as expected against its Canadian counterpart after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.0794, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.0790. Alternatively, a turn below support at 1.0700, the 23.6% Fib, aims for the July 3 low at 1.0620.

We are opting to stand aside for now. Looking at the weekly chart, it seems added confirmation is needed to claim that the down move from the mid-March top has been overturned before taking a long position. We will wait for that to materialize.

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

USD/CAD Technical Analysis: Waiting to Confirm Breakout

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