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USD/CAD Technical Analysis: Loonie Weakness Seen Ahead

USD/CAD Technical Analysis: Loonie Weakness Seen Ahead

2014-11-07 00:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1384, 1.1341, 1.1257
  • Resistance: 1.1476, 1.1560, 1.1696

The US Dollar appears poised to extend the advance against its Canadian counterpart after prices breached yet another topside chart barrier. A daily close above the 61.8% Fibonacci expansion at 1.1476 exposes the 76.4% level at 1.1560. Alternatively, a reversal below the 1.1348-1408 area marked by the October 15 high and the 50% Fibopens the door for a challenge of the 38.2% expansion at 1.1341.

Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will continue to wait on the sidelines for an actionable opportunity to emerge.

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USD/CAD Technical Analysis: Loonie Weakness Seen Ahead

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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