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Talking Points:
- USD/CAD Technical Strategy: Flat
- Support: 1.2524, 1.2448, 1.2372
- Resistance: 1.2618, 1.2770, 1.2922
The US Dollar turned lower after testing above the 1.26 figure against its Canadian namesake, snapping a three-day win streak. Near-term resistance is at 1.2618, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1.2770. Alternatively, a reversal below the 61.8% Fib at 1.2524 clears the way for a test of the 50% expansion at 1.2448.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
