USD/CAD Technical Analysis: Waiting for Long Trade Setup
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- USD/CAD Technical Strategy: Flat
- Support: 1.0853, 1.0808, 1.0765
- Resistance:1.0954, 1.0998, 1.1043
The US Dollar is drifting sideways against its Canadian namesake, with prices locked in a range above the 1.08 figure. Near-term support is at 1.0853, the 38.2% Fibonacci retracement, with a break below that on a daily closing basisexposing the 50% level at 1.0808. Alternatively, a reversal above the 38.2% Fib expansion at 1.0954 opens the door for a challenge of the 50% barrier at 1.0998.
Positioning is inconclusive at this point. On one hand, the longer-term trend has favored since September 2012. On the other, an actionable long entry signal is absent for the time being. We will stand aside until an actionable opportunity to re-enter long presents itself.
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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.