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USDCAD: Sellers Put Parity in the Cross-hairs

USDCAD: Sellers Put Parity in the Cross-hairs

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

USDCAD is testing support in the 1.0051-1.0101 area, with a break lower exposing the parity level. Near-term resistance lines up at 1.0265, the upper boundary of a falling channel set from the June 1 swing high. Current positioning doesn’t offer an actionable trade setup until prices either clear support or show concrete signs of recovery. With that in mind, we will stand aside for now.

USDCAD_Sellers_Put_Parity_in_the_Crosshairs_body_Picture_5.png, USDCAD: Sellers Put Parity in the Cross-hairs

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for

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