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Forex: USD/CAD Technical Analysis – Choppy Range Still Holding

Forex: USD/CAD Technical Analysis – Choppy Range Still Holding

2014-03-03 22:01:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1053-61 (Feb 25 low, 14.6% Fib exp.), 1.0909 (Feb 19 low)
  • Resistance: 1.1155 (23.6% Fib exp.), 1.1194 (Feb 21 high), 1.1223 (Jan 31 high)

Prices remain locked in a choppy range below resistance at 1.1155, the 23.6% Fibonacci expansion. A break higher on a daily closing basis exposes recent swing highs in the 1.1194-1.1223 area, followed by the 38.2% level at 1.1307. Near-term support is in the 1.1053-61 region, defined by the February 25 low and the 14.6% Fib. A reversal beneath this barrier exposes the February 19 low at 1.0909.

A long position at current levels is premature absent a confirmation on a break above resistance. Meanwhile, a short trade looks unattractive from a risk/reward perspective with the pair sitting squarely at near-term support. We will opt to remain flat for the time being.

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dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Choppy Range Still Holding

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.

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