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USD/CAD Technical Analysis: Readying to Move Above 1.26?

USD/CAD Technical Analysis: Readying to Move Above 1.26?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2433, 1.2312, 1.2215
  • Resistance: 1.2628, 1.2823, 1.2944

The US Dollar appears poised to push above the 1.26 figure against its Canadian namesake after rallying for four consecutive days. A daily close above the 100% Fibonacci expansion at 1.2628 exposes the 123.6% level at 1.2823. Alternatively, a turn below the 76.4% Fib at 1.2433 clears the way for a challenge of the 61.8% expansion at 1.2312.

While a long position seems tempting from a purely technical perspective, we are leery of chasing prices higher at this point. With that in mind we will continue to stand aside, 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.

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