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USDCAD: Prices Still Locked in Narrow Range

USDCAD: Prices Still Locked in Narrow Range

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are consolidating between 0.9854, the March 1 close, and the 14.6% Fibonacci retracement at 0.9929. A push through support targets the April 27 close at 0.9801. Alternatively, a break above resistance exposes the 23.6% Fib at 0.9983 and the parity figure. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.

USDCAD_Prices_Still_Locked_in_Narrow_Range_body_Picture_5.png, USDCAD: Prices Still Locked in Narrow Range

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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