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USD/CAD Technical Analysis: Passing on Long Trade Setup

USD/CAD Technical Analysis: Passing on Long Trade Setup

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 continue higher after five days of continuous gains against its Canadian counterpart. Near-term resistance is at 1.2628, the 100% Fibonacci expansion, with a break above that on a daily closing basis exposing the 123.6% level at 1.2823. Alternatively, a reversal below the 76.4% Fib at 1.2433 opens the door for a test of the 61.8% expansion at 1.2312.

Entering long position seems compelling from a purely technical perspective but we are skittish of chasing prices higher here ahead of key US-based event risk by way of the FOMC policy announcement. With will continue to stand aside for now, 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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