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USD/CAD Technical Analysis: Downturn Hinted Below 1.11

USD/CAD Technical Analysis: Downturn Hinted Below 1.11

Ilya Spivak, Head Strategist, APAC

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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.

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

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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