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