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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0605, 1.0570, 1.0495
  • Resistance: 1.0673-80, 1.0727, 1.0782

The path of the US Dollar against its Canadian counterpart has turned inconclusive amid conflicting technical cues. On one hand, a break below support at a rising trend line set from September 2012 argues in favor of the downside scenario. On the other, the formation of a bullish Piercing Line candlestick pattern hints a bounce may be ahead. A daily close back above the trend line (1.0680) exposes the 50% Fibonacci expansion at 1.0727. Alternatively, a turn below the 76.4% level at 1.0605 aims for a horizontal pivot set from the July 5 close at 1.0570.

Mixed technical cues and looming heavy-duty event risk by way of the US Employment report warn against taking a trade on the long or short side at current levels. We will stand aside, waiting for greater clarity to emerge.

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

USD/CAD Technical Analysis – Torn Between Conflicting Cues

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com