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USDCAD: Sellers Challenge Critical Support

USDCAD: Sellers Challenge Critical Support

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are testing support in the 1.0046-51 area marked by a long-standing former range top and the 61.8% Fibonacci retracement. A break lower exposes falling channel support at 1.0010 and the 76.4% Fib at 0.9952. The channel top, now at 1.0217, marks the first layer of major resistance. 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_Challenge_Critical_Support_body_Picture_5.png, USDCAD: Sellers Challenge Critical Support

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.