USD/CAD Technical Analysis – Looking for Break Above 1.11

| 18 april, 2014 | 0 kommentarer

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

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.0935
  • Support: 1.0857 (Apr 9 low)
  • Resistance: 1.1017-47 (14.6% Fib exp., trend line), 1.1116 (23.6% Fib exp.)

The US Dollar advanced against its Canadian namesake as expected after the currency pair completed a Bullish Engulfing candlestick pattern. Prices are now testing resistance in the 1.1017-47 area, marked by the 14.6% Fibonacci expansion and a previously broken rising trend line set from mid-January. A break above that on a daily closing basis initially targets the 23.6% Fib at 1.1116. Near-term support is at 1.0857, the April 9 low.

We entered long USD/CAD at 1.0935 and have now booked profit on half of the position at the initial target of 1.1017. The remainder of the position will remain open, looking for a break above resistance to expose 1.1116. The stop-loss has been trailed to the breakeven level (1.0935).

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

dailyclassics_usd-cad_body_Picture_12.png, USD/CAD Technical Analysis  Looking for Break Above 1.11

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 *