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USD/CAD Technical Analysis: Sellers Overcome 1.10 Anew

USD/CAD Technical Analysis: Sellers Overcome 1.10 Anew

2014-09-16 22:26:00
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 declined against its Canadian counterpart as expected after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 1.0915-34 area marked by the 38.2% Fibonacci retracement and the September 2 high exposes the 50% level at 1.0859. Alternatively, a reversal back above the 23.6% Fib at 1.0985 clears the way for a test of the 14.6% retracement at 1.1028.

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: Sellers Overcome 1.10 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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