USD/CAD: Pullback Stalls At Support
Dailyfx | Jul 30, 2015 01:59AM ET
Talking Points:
- USD/CAD Technical Strategy: Long at 1.2649
- Support: 1.2872, 1.2729, 1.2614
- Resistance: 1.3047, 1.3127, 1.3258
The US dollar found interim support below the 1.29 figure against its Canadian namesake after correcting downward as expected . A daily close below the 23.6% Fibonacci retracement at 1.2872 exposes the 38.2% level at 1.2729. Alternatively, a move above the 14.6% Fib expansion at 1.3047 opens the door for a challenge of the 23.6% level at 1.3127.
We entered long USD/CAD at 1.2649 and have since taken profit on half of the trade . The remainder of the position will remain in play to take advantage of any further on-coming gains. The stop-loss is now at the breakeven level.
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