USD/CAD Technical Analysis: September Top in the Crosshairs
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- USD/CAD Technical Strategy: Flat
- Support: 1.1069, 1.0999, 1.0931
- Resistance: 1.1125, 1.1182, 1.1251
The US Dollar is on pace to challenge September’s swing high against its Canadian namesake after rising for a third consecutive day. A daily close above the 1.1098-1.1125 area marked by the September 15 top and the 50% Fibonacci expansion exposes the 61.8% level at 1.1182. Alternatively, a reversal below the 38.2% Fib at 1.1069 opens the door for a challenge of the 23.6% expansion at 1.0999.
The available trading range between near-term support and resistance is too narrow to justify entering a long or short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.
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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.