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USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

2014-09-11 04:56:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0934, 1.0874, 1.0825
  • Resistance:1.0998, 1.1043, 1.1098

The US Dollar turned lower as expected against its Canadian counterpart after prices produced a Shooting Star candlestick. A daily close below the 23.6% Fibonacci retracement at 1.0934 exposes the 38.2% level at 1.0874. Alternatively, a turn above the 1.0985-98 area marked by the August 6 high and the 50% Fib expansion clears the way for a test of the 61.8% level at 1.1043.

Risk/reward considerations argue against entering short with prices sitting at support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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USD/CAD Technical Analysis: Bulls Rejected at 1.10 Again

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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