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USD/CAD Technical Analysis: Attempting to Resume Uptrend

USD/CAD Technical Analysis: Attempting to Resume Uptrend

2014-11-20 03:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1297, 1.1215, 1.1138
  • Resistance: 1.1353, 1.1414, 1.1466

The US Dollar is attempting to turn higher anew after testing the lower bound of the uptrend against its Canadian namesake in play since late August. Near-term rising trend line supportis at 1.1297, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1215. Alternatively, a reversal above falling channel resistance at 1.1353 clears the way for a test of the 23.6% Fib expansion at 1.1414.

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.

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

USD/CAD Technical Analysis: Attempting to Resume Uptrend

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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