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USD/CAD Technical Analysis: Aiming Above 1.11 Figure

USD/CAD Technical Analysis: Aiming Above 1.11 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1085, 1.1041, 1.0998
  • Resistance: 1.1138, 1.1224, 1.1310

The US Dollar advanced to a six-month high against its Canadian counterpart as prices aim to make a move above the 1.11 figure. A daily close above the 76.4% Fibonacci expansion at 1.1138 exposes the 100% level at 1.1224. Alternatively, a reversal below the 61.8% Fib at 1.1085 clears the way for a test of the 50% expansion at 1.1041.

The available trading range is too narrow to justify entering a long or short trade at current levels from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.

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USD/CAD Technical Analysis: Aiming Above 1.11 Figure

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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