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USD/CAD Technical Analysis – Digesting Trend Line Break

USD/CAD Technical Analysis – Digesting Trend Line Break

2014-07-01 00:49:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0657, 1.0628, 1.0600
  • Resistance: 1.0675, 1.0693, 1.0715

The US Dollar paused to digest losses against its Canadian namesake after dripping through rising trend support set from September 2012. Near-term support is at 1.0657, the 38.2% Fibonacci expansion. A daily close below that initially targets the 50% level at 1.0628. Alternatively, a move back above the trend line – now at 1.0675 – clears the way for another challenge of the 23.6% Fib at 1.0693.

The available trading range is too narrow to justify entering a long or a short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines for the time being, waiting for an actionable setup to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis – Digesting Trend Line Break

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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