USD/CAD Technical Analysis: Standstill Sub-1.17 Continues
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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 is in consolidation mode after a brisk rally found resistance below the 1.17 figure against its Canadian namesake. A daily close above the 76.4% Fibonacci expansion at 1.1691 exposes the 100% level at 1.1845. Alternatively, a reversal below the 61.8% Fib at 1.1595 clears the way for a test of the 50% expansion at 1.1518.
Positioning is inconclusive at this point, with prices offering no actionable long or short trade signal. With that, we will remain on the sidelines and wait for pair to offer something more compelling before committing to a directional bias.
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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.