News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CAD Technical Analysis: Seven-Month High Challenged

USD/CAD Technical Analysis: Seven-Month High Challenged

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1220, 1.1166, 1.1078
  • Resistance: 1.1308, 1.1379, 1.1450

The US Dollar resumed the advance against its Canadian counterpart, rising to the highest level in nearly seven months. A daily close above the 1.1278-1.1308 area marked by the March 20 high and the 38.2% Fibonacci expansion exposes the 50% level at 1.1379. Alternatively, a turn below the 23.6% Fib at 1.1220 opens the door for a challenge of the 14.6% expansion at 1.1166.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

USD/CAD Technical Analysis: Seven-Month High Challenged

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.

DISCLOSURES