USD/CAD Technical Analysis: Setting Sights on 1.16 Figure
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- USD/CAD Technical Strategy: Flat
- Support: 1.1518, 1.1440, 1.1312
- Resistance: 1.1595, 1.1691, 1.1845
The US Dollar appears poised to continue higher against its Canadian namesake after pushing to the highest level in over five years. A daily close above the 61.8% Fibonacci expansion at 1.1595 exposes the 76.4% level at 1.1691. Alternatively, a reversal below the 50% Fib at 1.1518 clears the way for a test of the 38.2% expansion at 1.1440.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.
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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.