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USD/CAD Technical Analysis: Loonie Gains Hinted Ahead

USD/CAD Technical Analysis: Loonie Gains Hinted Ahead

2014-10-08 03:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1116, 1.1021, 1.0945
  • Resistance: 1.1308, 1.1379, 1.1450

The US Dollar may move lower against its Canadian counterpart after prices completed a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 1.1116 exposes the 38.2% level at 1.1021. Alternatively, a turn above the 1.1278-1.1308 area marked by the March 20 high and the 38.2% Fib opens the door for a challenge of the 50% threshold at 1.1379.

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

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USD/CAD Technical Analysis: Loonie Gains Hinted Ahead

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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