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USD/CAD Technical Analysis: Resistance Sub-1.25 in Focus

USD/CAD Technical Analysis: Resistance Sub-1.25 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2312, 1.2215, 1.2117
  • Resistance: 1.2433, 1.2628, 1.2823

The US Dollar continued to build higher against its Canadian namesake having vaulted sharply upward following a surprise BOC rate cut. Near-term resistance is at 1.2433, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1.2628. Alternatively, a turn back below the 61.8% Fib at 1.2312 clears the way for a test of the 50% expansion at 1.2215.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

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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