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USD/CAD Technical Analysis: Resistance Above 1.14 Holding

USD/CAD Technical Analysis: Resistance Above 1.14 Holding

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 is struggling to build higher having probed above October’s swing top against its Canadian namesake. 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.

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

USD/CAD Technical Analysis: Resistance Above 1.14 Holding

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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