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USD/CAD Technical Analysis: Deeper Losses May Be Ahead

USD/CAD Technical Analysis: Deeper Losses May Be Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1188, 1.1142, 1.1110
  • Resistance: 1.1321, 1.1389, 1.1466

The US Dollar may have begun a significant downward reversal against its Canadian counterpart after prices overcome support guiding the uptrend since September. A daily close below channel support at 1.1188 exposes the 38.2% Fibonacci retracement at 1.1142. Alternatively, a reversal above the intersection of the channel top and trend line support-turned-resistance at 1.1321 opens the door for a challenge of the 23.6% Fib expansion at 1.1389.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish signal suggests taking up the short side is premature. With that in mind, we will remain on the sidelines for the time being.

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

USD/CAD Technical Analysis: Deeper Losses May Be 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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