USD/CAD: 1.09 Holding As Support
Dailyfx | Aug 15, 2014 06:10AM ET
Talking Points:
- USD/CAD Technical Strategy: Long at 1.0811
- Support: 1.0899, 1.0845, 1.0802
- Resistance: 1.0989, 1.1042, 1.1085
The US Dollar continues to tread water against its Canadian namesake having turned higher as expected after producing a bullish Piercing Line candlestick pattern. A daily close above resistance at 1.0989, the 23.6% Fibonacci expansion, exposes the 38.2% level at 1.1042. Alternatively, a reversal beneath the 23.6% Fib retracement at 1.0899 opens the door for a test of the 38.2% threshold at 1.0845.
We bought USD/CAD at 1.0811 and subsequently booked profit on half of the position. The remainder of the trade will remain open to capture any further upside momentum, with the stop-loss now adjusted to the breakeven level.
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