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USD/CAD Technical Analysis: Prices Jump to 5-Month High

USD/CAD Technical Analysis: Prices Jump to 5-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0985, 1.0934, 1.0859
  • Resistance: 1.1043, 1.1085, 1.1138

The US Dollar renewed the upward march against its Canadian counterpart, rising to the highest level in over five months. Near-term resistance is at 1.1041, the 50% Fibonacci expansion, with a break above that ton a daily closing basis exposing the 61.8% level at 1.1085. Alternatively, a reversal below the 1.0985-98 area marked by the August 6 high and the 38.2% Fib opens the door for a challenge of resistance-turned-support at 1.0934.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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

USD/CAD Technical Analysis: Prices Jump to 5-Month High

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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