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USD/CAD Technical Analysis: Loonie Weakness Seen Ahead

USD/CAD Technical Analysis: Loonie Weakness Seen Ahead

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.

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

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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