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USD/CAD Technical Analysis – Prices Sink to 1-Month Low

USD/CAD Technical Analysis – Prices Sink to 1-Month Low

2014-05-06 22:45:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0892 (38.2% Fib exp.), 1.0842-57 (50% Fib exp., Apr 9 low)
  • Resistance: 1.0942-53 (Apr 30 low, 23.6% Fib exp.), 1.0991 (14.6% Fib exp.)

The US Dollar swooned against its Canadian counterpart, losing its grip on the 1.09 figure and sinking to the lowest level in a month. Sellers are testing support at 1.0892, the 38.2% Fibonacci expansion, with a break below that exposing the April 9 low at 1.0857. This is followed by the 50% level at 1.0842. Near-term resistance is found in the 1.0942-53 area, the April 30 low and 23.6% Fib. A reversal above that targets the 14.6% expansion at 1.0991.

Entering short at current levels looks unattractive from a risk/reward perspective with prices in close proximity to relevant support. On the other hand, the absence of a defined upward reversal signal argues against taking up the long side. We will remain flat for the time being.

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USD/CAD Technical Analysis – Prices Sink to 1-Month Low

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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