USD/CAD Technical Analysis: Stalling Below 1.17 Figure
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CAD Technical Strategy: Flat
- Support: 1.1609, 1.1559, 1.1488
- Resistance: 1.1630, 1.1673, 1.1744
The US Dollar is consolidation mode after testing the boundary of the advance played out since late November against its Canadian counterpart. A daily close above the 14.6% Fibonacci retracementat 1.1630 exposes the 23.6% level at 1.1673. Alternatively, a reversal below trend line support at 1.1609 opens the door for a challenge of the 23.6% Fib retracement at 1.1559.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.