USD/CAD Technical Analysis: Targeting Above 1.20 Figure
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- USD/CAD Technical Strategy: Flat
- Support: 1.1957, 1.1895, 1.1795
- Resistance: 1.2056, 1.2137, 1.2218
The US Dollar returned to the offensive against its Canadian namesake, with buyers seemingly clearing a path above the 1.20 figure. A daily close above the 38.2% Fibonacci expansionat 1.2056 exposes the 50% level at 1.2137. Alternatively, a reversal back below the 23.6% Fib at 1.1957 opens the door for a challenge of the 14.6% expansion at 1.1895.
Entering long is a tempting proposition from a purely technical perspective. We are leery of chasing prices higher here however and will tactically opt to stand aside, waiting for a corrective pullback to offer a more attractive buying opportunity.
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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.