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