USD/CAD Technical Analysis: Prices Return Above 1.09 Level
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- USD/CAD Technical Strategy: Flat
- Support: 1.0853, 1.0809, 1.0765
- Resistance:1.0908, 1.0942, 1.0985-97
The US Dollar launched higher anew against its Canadian namesake, with buyers reclaiming a foothold above the 1.09 figure. A daily close above the 38.2% Fibonacci expansion at 1.0954 exposes the 50% level at 1.0998. Alternatively, a turn below the 23.6% Fib at 1.0899 clears the way for a test of the 14.6% expansion at 1.0865.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.
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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.