USD/CAD Technical Analysis: Flat-Lining Near 1.16 Figure
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
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.