Advertisement
Singapore markets closed
  • Straits Times Index

    3,290.70
    +24.75 (+0.76%)
     
  • Nikkei

    38,229.11
    +155.13 (+0.41%)
     
  • Hang Seng

    18,963.68
    +425.87 (+2.30%)
     
  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     
  • Bitcoin USD

    60,863.59
    -2,033.21 (-3.23%)
     
  • CMC Crypto 200

    1,261.13
    -96.88 (-7.13%)
     
  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     
  • Dow

    39,512.84
    +125.08 (+0.32%)
     
  • Nasdaq

    16,340.87
    -5.40 (-0.03%)
     
  • Gold

    2,366.90
    +26.60 (+1.14%)
     
  • Crude Oil

    78.20
    -1.06 (-1.34%)
     
  • 10-Yr Bond

    4.5040
    +0.0550 (+1.24%)
     
  • FTSE Bursa Malaysia

    1,600.67
    -0.55 (-0.03%)
     
  • Jakarta Composite Index

    7,088.79
    -34.81 (-0.49%)
     
  • PSE Index

    6,511.93
    -30.53 (-0.47%)
     

USD/CAD Candlestick Analysis: Top Confirmation Pending

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Strategy: Flat

  • Topping Pattern Awaits Follow-Through

  • Fib Support Above 1.24 Figure in Focus

The US Dollar appears to have carved out an interim top below the 1.28 figure against its Canadian counterpart. Prices snapped ten weeks of consecutive gains with the formation of a bearish Dark Cloud Cover candlestick pattern. Initial weekly support is at 1.2418, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 1.1283. The first layer of resistance is at 1.2798, the January swing high.

ADVERTISEMENT

The dominant long-term USD/CAD trend looks to be favoring the upside. As such, we will treat any on-coming losses as an opportunity to enter long at more compelling levels once the correction is exhausted.

USD/CAD Candlestick Analysis: Top Confirmation Pending
USD/CAD Candlestick Analysis: Top Confirmation Pending

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.