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USD/CAD Technical Analysis: Candle Setup Hints at Losses

USD/CAD Technical Analysis: Candle Setup Hints at Losses

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1134, 1.1080, 1.0992
  • Resistance: 1.1220, 1.1308, 1.1379

The US Dollar might be carving out a top against its Canadian namesake after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.1134, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 1.1080. Alternatively, a reversal above the 23.6% Fib expansion at 1.1220 clears the way for a test of the 38.2% threshold at 1.1308.

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: Candle Setup Hints at Losses

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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