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USD/CAD Technical Analysis: Flat-Lining Near 1.16 Figure

USD/CAD Technical Analysis: Flat-Lining Near 1.16 Figure

2014-12-29 02:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1559, 1.1488, 1.1431
  • Resistance: 1.1630, 1.1673, 1.1744

The US Dollar flat-lining near the 1.1600 figure against its Canadian namesake as prices await a clear-cut directional catalyst. Near-term resistance is at 1.1630, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.1673. Alternatively, a turn below the 23.6% Fib retracement at 1.1559 opens the door for a challenge of the 38.2% threshold at 1.1488.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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USD/CAD Technical Analysis: Flat-Lining Near 1.16 Figure

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.

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