Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USD/CAD Technical Analysis: Loonie Touches 5-Year Low

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

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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.

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

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 provides forex news and technical analysis on the trends that influence the global currency markets.