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USD/CAD Technical Analysis: Prices Drop Most in a Month

USD/CAD Technical Analysis: Prices Drop Most in a Month

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1311, 1.1215, 1.1138
  • Resistance: 1.1370, 1.1476, 1.1560

The US Dollar was rejected at resistance below the 1.15 figure, issuing the largest daily decline in a month against its Canadian namesake. Near-term support is at 1.1311, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 1.1215-31 area (38.2% level, rising trend line). Alternatively, a turn above the 14.6% retracement at 1.1370 clears the way for a test of the 61.8% Fib expansion at 1.1476.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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: Prices Drop Most in a Month

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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