USD/CAD Technical Analysis – Four-Day Loss Streak Ended
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- USD/CAD Technical Strategy: Flat
- Support: 1.0721, 1.0664, 1.0629
- Resistance: 1.0777, 1.0812-13, 1.0840
The Canadian Dollar snapped a four-day winning streak against its US counterpart above the 1.07 figure. Near-term resistance is at 1.0777, marked by the 76.4% Fibonacci expansion and a falling trend line connecting major swing lows since mid-February. A break above that on a daily closing basis exposes the 1.0812-13 area, the intersection of the 61.8% level and the May 8 low. Alternatively, a push below the 100% Fib at 1.0721 aims for the meeting of the 123.6% level and a rising trend line set from mid-September 2012 at 1.0664.
An actionable trade signal is absent for the time being, arguing against taking up the long or the short side. We will continue to stand aside, waiting for a more attractive opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com