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USD/CAD Technical Analysis – Digesting Trend Line Break

USD/CAD Technical Analysis – Digesting Trend Line Break

Ilya Spivak, Head Strategist, APAC

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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.

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USD/CAD Technical Analysis – Digesting Trend Line Break

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.