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USD/CAD Technical Analysis: Topping Cues Remain Intact

USD/CAD Technical Analysis: Topping Cues Remain Intact

2014-10-09 23:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1098, 1.1021, 1.0945
  • Resistance: 1.1278, 1.1329, 1.1406

The US Dollar may move lower against its Canadian counterpart after prices completed a Bearish Engulfing candlestick pattern. A daily close below 1.1098-1.1116 area marked by the September 15 high and the 23.6% Fibonacci retracement exposes the 38.2% level at 1.1021. Alternatively, a turn above the March 20 high at 1.1278 opens the door for a challenge of the 38.2% Fib expansion at 1.1329.

Positioning looks conflicted at this point. On one hand, follow-through on the bearish candlestick setup has been lackluster. On the other, the setup remains technically valid absent a daily close above 1.1270, the pattern’s high. We will opt to remain on the sidelines for now, waiting for greater clarity.

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

USD/CAD Technical Analysis: Topping Cues Remain Intact

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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