USD/CAD Technical Analysis: Sideways Trade Continues
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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 flat-lining near the 1.1600 figure against its Canadian namesake as prices await a clear-cut directional catalyst. Near-term resistance is at 1.1673, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1744. 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com