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USD/CAD Technical Analysis: Downturn May Be Ahead

USD/CAD Technical Analysis: Downturn May Be Ahead

2014-12-02 22:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1311, 1.1215, 1.1138
  • Resistance: 1.1466, 1.1518, 1.1595

The US Dollar may be setting up for a downturn against its Canadian namesake after prices put in a Bearish Engulfing candlestick pattern. Near-term support is at 1.1311, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the intersection of the 38.2% level and a rising trend line at 1.1215. Alternatively, a reversal above the 1.1440-66 area marked by the 38.2% Fib expansion and the November 5 high opens the door for a challenge of the 50% threshold at 1.1518.

The overall USDCAD trend has pointed upward for over two years. As such, we will treat any oncoming weakness as an opportunity to enter long at a more attractive level rather than a short trade setup. In the meantime, we remain flat.

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USD/CAD Technical Analysis: Downturn May Be Ahead

Daily Chart - Created Using FXCM Marketscope

--- 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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