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USD/CAD Technical Analysis: Loonie Touches 5-Year Low

USD/CAD Technical Analysis: Loonie Touches 5-Year Low

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 extended to a five-year high against its Canadian counterpart as prices attempt to clear a path above the 1.14 figure. A daily close above the 1.1348-1408 area marked by the October 15 high and the 50% Fibonacci expansion exposes the 61.8% level at 1.1476. Alternatively, a reversal below the 38.2% Fib at 1.1341 opens the door for a challenge of the 23.6% expansion at 1.1257.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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 Touches 5-Year Low

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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