USD/CAD Technical Analysis: Opting Against Entering Long
Dailyfx | May 01, 2015 02:22AM ET
Talking Points:
- USD/CAD Technical Strategy: Flat
- Support: 1.2021, 1.1933, 1.1845
- Resistance: 1.2156, 1.2286, 1.2397
The US Dollar put in a bullish Morning Star candlestick pattern, hinting a move higher against its Canadian namesake may be ahead. A daily close above the 23.6% Fibonacci retracement at 1.2156 exposes the 38.2% level at 1.2286. Alternatively, a reversal below the 38.2% Fib expansion at 1.2021 clears the way or a test of the 50% threshold at 1.1933.
While we continue to see the medium-term outlook envisions a broad downward correction in the US Dollar before the structural advance resumes, making us leery of buying the benchmark currency. As such, we will continue to stand aside for now.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.