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USD/CAD Technical Analysis: Rally Falters at 1.18 Figure

USD/CAD Technical Analysis: Rally Falters at 1.18 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1744, 1.1673, 1.1559
  • Resistance: 1.1801, 1.1858, 1.1928

The US Dollar faltered near the 1.18 figure against its Canadian namesake after advancing to the strongest level in over five years. Near-term resistance is at 1.1801, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1858. Alternatively, a turn below the 38.2% Fib retracement at 1.1744 clears the way for a test of the 23.6% threshold at 1.1673.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.

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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.

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