Forex: USD/CAD Technical Analysis – Loonie Aims to Extend Gains
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- USD/CAD Technical Strategy: Flat
- Support: 1.0892 (50% Fib ret.), 1.0813 (61.8% Fib ret.)
- Resistance: 1.0970 (38.2% Fib ret.), 1.1067 (23.6% Fib ret.)
The Canadian Dollar looks poised to continue higher against its US counterpart after USD/CAD closed below support at 1.0670, the 38.2% Fibonacci retracement. Sellers now aim to test the 50% level at 1.0892, with a further push below that exposing the 61.8% Fib at 1.0813. Alternatively, a move back above 1.0970 aims for the 23.6% retracement at 1.1067.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.