USD/CAD Technical Analysis: Treading Water Below 1.17
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- USD/CAD Technical Strategy: Flat
- Support: 1.1559, 1.1488, 1.1431
- Resistance: 1.1673, 1.1744, 1.1801
The US Dollar is consolidation mode after hitting a five-year high below the 1.17 figure against its Canadian counterpart. A daily close above the 23.6% Fibonacci expansionat 1.1673 exposes the 38.2% level at 1.1744. Alternatively, a reversal below the 23.6% Fib retracement at 1.1559 opens the door for a challenge of the 38.2% threshold at 1.1488.
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.
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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.