FX.co ★ Technical analysis of USD/CAD July 30, 2014

Technical outlook and chart setups:

1. The USD/CAD pair had bounced off the longer-term support trend line around sub 1.0600 levels as seen here and has subsequently taken out the counter trend line resistance as well. There is no major resistance before 1.0950 levels as seen here. Any dips should be taken as an opportunity to initiate long positions.

2. Support is seen at 1.0800, followed by 1.0710, 1.0600 and lower while resistance is seen at 1.0900, followed by 1.0950, 1.1050 and higher up respectively.

3. The structure indicated that the USD/CAD pair is a clear buy on dips now. Levels of interest is around 1.0710/20.

Trading recommendations:

Remain flat for now. Look to buy on dips.

Good luck!