Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD/CAD Technical Analysis: Downward Momentum Resumes

USD/CAD Technical Analysis: Downward Momentum Resumes

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2131, 1.2021, 1.1933
  • Resistance: 1.2198, 1.2307, 1.2397

The US Dollar renewed the push downward against its Canadian counterpart having found a top below the 1.27 figure as expected. Near-term support is at 1.2131, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.2021. Alternatively, a rebound above the 14.6% Fib at 1.2198 opens the door for a challenge of the April 21 high at 1.2307.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES