USD/CAD Technical Analysis: 1.16 Figure Under Pressure
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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 advanced to a new five-year high against its Canadian namesake, with prices probing above the 1.16 figure. Near-term resistance is at 1.1595, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 1.1691. Alternatively, a turn below the 50% Fib at 1.1518 opens the door for a challenge of the 38.2% expansion at 1.1440.
Prices are wedged to closely between near-term support and resistance to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now and wait for a more attractive setup to emerge.
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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.