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USD/CAD Technical Analysis: Loonie Hits Six-Month Low

USD/CAD Technical Analysis: Loonie Hits Six-Month Low

2014-09-29 00:06:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1098, 1.0999, 1.0915
  • Resistance: 1.1182, 1.1251, 1.1364

The US Dollar is aiming to build higher against its Canadian namesake after prices advanced to a six-month high. A daily close above the 61.8% Fibonacci expansion at 1.1182 exposes the 76.4% level at 1.1251. Alternatively, a turn below the 1.1098-1125 area marked by the September 15 top and the 50% Fib 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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USD/CAD Technical Analysis: Loonie Hits Six-Month Low

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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