USD/CAD Technical Analysis: Downswing Hinted Below 1.20
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- USD/CAD Technical Strategy: Flat
- Support: 1.1928, 1.1858, 1.1801
- Resistance: 1.2042, 1.2156, 1.2226
The US Dollar remains in digestion against its Canadian namesake but negative RSI divergence hints a turn lower may be in the cards. A daily close below the 76.4% Fibonacci expansionat 1.1928 exposes the 61.8% level at 1.1858. Alternatively, a push above the 100% Fib at 1.2042 opens the door for a challenge of the 123.6% expansion at 1.2156.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.