USD/CAD Technical Analysis: Familiar Range Still in Play
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- USD/CAD Technical Strategy: Flat
- Support: 1.1922, 1.1801, 1.1734
- Resistance: 1.1997, 1.2117, 1.2215
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 14.6% Fibonacci expansionat 1.1922 exposes the January 15 low at 1.1801. Alternatively, a push above the 23.6% level at 1.1997 opens the door for a challenge of the 38.2% Fib at 1.2117.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling 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.