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USD/CAD Technical Analysis: A Top in Place Below 1.14?

USD/CAD Technical Analysis: A Top in Place Below 1.14?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1204, 1.1092, 1.1002
  • Resistance: 1.1321, 1.1390, 1.1502

The US Dollar may be topping against its Canadian counterpart as negative RSI divergence warns of ebbing upside momentum. A daily close below the 23.6% Fibonacci retracement at 1.1204 exposes a rising channel floor at 1.1159. Alternatively, a push above the 14.6% Fib expansion at 1.1321 opens the door for a challenge of 1.1390, the intersection of the 23.6% threshold and the channel top.

Positioning is inconclusive at this point. While RSI divergence hints a turn lower is ahead, confirmation on a break through support that would invalidate the uptrend from September low is still pending. On the other hand, a defined bullish signal countering negative cues is absent. We will remain flat for now until greater clarity emerges.

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USD/CAD Technical Analysis: A Top in Place Below 1.14?

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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