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USD/CAD Technical Analysis: A Top in Place Near 1.25?

USD/CAD Technical Analysis: A Top in Place Near 1.25?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2311, 1.2193, 1.2002
  • Resistance: 1.2502, 1.2590, 1.2792

The US Dollar may have formed a top against its Canadian namesake marked by the appearance of a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci retracement at 1.2311 exposes the 23.6% level at 1.2193. Alternatively, a turn above the January 27 high at 1.2502 clears the way for a challenge of the 76.4% Fib expansion at 1.2590.

While a short position seems compelling from a purely technical perspective, we are leery of taking new directional bets on USD-based pairs as major event risk by way of the FOMC policy announcement looms ahead in the coming hours. 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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