USD/CAD Technical Analysis – Still Holding Long Position

| 23 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: 1.1017-54 (14.6% Fib exp., trend line), 1.1116 (23.6% Fib exp.)

The US Dollar continues to grind slowly higher having rebounded expected against its Canadian counterpart after forming a Bullish Engulfing candlestick pattern. Prices are testing resistance in the 1.1017-54 area, marked by the 14.6% Fibonacci expansion and a rising trend line set from mid-January. A break above this barrier on a daily closing basis initially targets the 23.6% Fib at 1.1116. Near-term support remains at 1.0857, the April 9 low.

We entered long USD/CAD at 1.0935 and booked profit on half of the position at 1.1017. The remainder of the trade remains open and we are looking for a break above near-term resistance to expose 1.1116 as the next upside objective. The stop-loss is now at the breakeven level (1.0935).

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

USD/CAD Technical Analysis  Still Holding Long Position

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 *