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USD/CAD Technical Analysis: Down Move Pauses Below 1.12

USD/CAD Technical Analysis: Down Move Pauses Below 1.12

2014-10-30 23:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1165, 1.1097, 1.1029
  • Resistance: 1.1249, 1.1300, 1.1384

The US Dollar declined against its Canadian counterpart as expected, with sellers overturning the rising trend set from early September. Near-term term support is at 1.1165, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 1.1097-98 zone (50% level, September 15 high). Alternatively, a reversal above the 1.1224-49 area (channel floor support-turned-resistance, 23.6% Fib) opens the door for a challenge of the 14.6% retracement at 1.1300.

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 that 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: Down Move Pauses Below 1.12

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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