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USD/CAD Technical Analysis: Downturn Hinted Below 1.11

USD/CAD Technical Analysis: Downturn Hinted Below 1.11

2014-09-16 00:59:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1043, 1.0985, 1.0915
  • Resistance: 1.1098, 1.1187, 1.1276

The US Dollar may be carving out an interim top against its Canadian namesake as prices complete a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 1.1043, the 61.8% Fibonacci expansion, with a break below that on daily closing basis exposing the 23.6% Fib retracement at 1.0985. Alternatively, a turn above the 76.4% expansion at 1.1098 opens the door for a challenge of the 100% threshold at 1.1187.

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

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USD/CAD Technical Analysis: Downturn Hinted Below 1.11

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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