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USD/CAD Technical Analysis – Selloff Pauses Near April Low

USD/CAD Technical Analysis – Selloff Pauses Near April Low

2014-05-07 21:54:00
Ilya Spivak, Head Strategist, APAC
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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 has stalled at chart support having hit the lowest level in a month against its Canadian counterpart. Prices are testing the 38.2% Fibonacci expansionat 1.0892, with a daily close below that exposing the 1.0842-57 region marked by the April 9 low and the 50% level. Near-term resistance is seen in the 1.0942-53 area, the April 30 low and 23.6% Fib. A turn above that initially aims for the 14.6% expansion at 1.0991.

Risk/reward considerations argue against entering short with prices squarely at support. On the other hand, the absence of a defined upside reversal signal means taking up the long side is premature. We will continue to stand aside for now.

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USD/CAD Technical Analysis – Selloff Pauses Near April 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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