USD/CAD Technical Analysis: Selloff Stalls Below 1.17 Figure
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- USD/CAD Technical Strategy: Flat
- Support: 1.1595, 1.1518, 1.1440
- Resistance: 1.1691, 1.1845, 1.2000
The US Dollar paused ahead of the 1.1700 figure after four consecutive days of gains against its Canadian namesake. Near-term resistance is at 1.1691, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1.1845. Alternatively, a turn below the 61.8% Fib at 1.1595 opens the door for a challenge of the 50% expansion at 1.1518.
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 reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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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.