Forex: USD/CAD Technical Analysis – Treading Water Above 1.10

| 4 april, 2014 | 0 kommentarer

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1019 (23.6% Fib ret.), 1.0859 (38.2% Fib ret.)
  • Resistance: 1.1103 (trend line), 1.1126 (horizontal pivot)

The US Dollar declined as expected against its Canadian counterpart, with prices now in consolidation mode having cleared a rising trend line set from mid-February. Support is now at 1.1019, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 1.0859. The trend line, now at 1.1103, has been recast as near-term resistance. A rebound above that targets a horizontal pivot at 1.1126.

Risk/reward considerations argue against entering short while prices trade so close to relevant support. On the other hand, a long position lacks an actionable upward reversal signal to suggest that resistance will hold. As such, we will remain flat for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis  Treading Water Above 1.10

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *