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USD/CAD Dips Below Parity Again

USD/CAD Dips Below Parity Again

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices moved lower as expected after putting in a Shooting Star candlestick. Sellers found initial support at 0.9957, the 50% Fibonacci retracement. A break below that targets the 61.8% level at 0.9923. Near-term resistance is at 0.9991, the 38.2% Fib, with a push above that exposing the parity figure and the 23.6% retracement at 1.0032. An actionable trade setup is absent for now and we will stand aside.

Forex_Analysis_USDCAD_Dips_Below_Parity_Again_body_Picture_1.png, USD/CAD Dips Below Parity Again

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

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

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