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USD/CAD Technical Analysis: Sellers Threaten 3-Month Trend

USD/CAD Technical Analysis: Sellers Threaten 3-Month Trend

2014-11-17 23:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1280, 1.1215, 1.1138
  • Resistance: 1.1311, 1.1384, 1.1466

The US Dollar is testing a pivotal threshold against its Canadian namesake as sellers challenge the bounds of the uptrend traced out since late August. Near-term rising trend line supportis at 1.1280, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1215. Alternatively, a reversal above the 23.6% level at 1.1311 clears the way for a test of the 1370-84 area (14.6% retracement, October 15 high).

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/CAD Technical Analysis: Sellers Threaten 3-Month Trend

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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