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Talking Points:
- USD/CAD Technical Strategy: Long at 1.2649
- Support: 1.3090, 1.3002, 1.2860
- Resistance: 1.3232, 1.3347, 1.3463
The US Dollar may be preparing to renew the uptrend against its Canadian counterpart having tested support at a rising trend line set from mid-June. A daily close above the 38.2% Fibonacci expansion at 1.3232 exposes the 50% level at 1.3347. Alternatively, a move below the 23.6% expansion at 1.3090 opens the door for a challenge of the 14.6% expansion at 1.3002.
We bought USDCAD at 1.2649 and have since booked profit on half of the position. The rest of the trade will stay open to take advantage of any further gains ahead. The stop-loss has been moved to the breakeven level.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com