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USD/CAD Technical Analysis: Loonie Ready to Turn Higher?

USD/CAD Technical Analysis: Loonie Ready to Turn Higher?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1801, 1.1744, 1.1673
  • Resistance: 1.1858, 1.1928, 1.2042

The US Dollar may be carving out a top against its Canadian counterpart marked by the appearance of a Shooting Star candlestick. A daily close below the 50% Fibonacci expansion at 1.1801 exposes the 38.2% level at 1.1744.Alternatively, a push above the 61.8% expansion at 1.1858 opens the door for a challenge of the 76.4% expansion at 1.1928.

Prices are wedged too closely between immediate support and resistance barriers to justify entering a trade on the long or short side from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

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USD/CAD Technical Analysis: Loonie Ready to Turn Higher?

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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