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USD/CAD Technical Analysis: October High in the Crosshairs

USD/CAD Technical Analysis: October High in the Crosshairs

2014-11-04 04:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1341, 1.1257, 1.1205
  • Resistance: 1.1408, 1.1476, 1.1560

The US Dollar continues to press higher against its Canadian namesake, with prices poised to challenge last month’s swing high. Near-term resistance is in the 1.1348-1408 area, marked by the October 15 high and the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1476. Alternatively, a turn below the 38.2% Fib at 1.1341 clears the way for a test of the 23.6% expansion at 1.1257.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

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USD/CAD Technical Analysis: October High in the Crosshairs

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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