Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
USD/CAD Technical Analysis: Loonie Hits New 6-Year Low

USD/CAD Technical Analysis: Loonie Hits New 6-Year Low

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2691, 1.2573, 1.2382
  • Resistance: 1.2882, 1.3036, 1.3191

The US Dollar advanced for a third consecutive day against its Canadian counterpart, hitting the strongest level in six years. Near-term resistance is at 1.2882, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.3036. Alternatively, a reversal below the 23.6% Fib at 1.2691 opens the door for a challenge of the 14.6% expansion at 1.2573.

We are leery of chasing prices higher here as negative RSI divergence warns of ebbing upside momentum, warning a reversal downward may be brewing. With that in mind, we will stand aside, waiting for a more attractive trading opportunity to present itself.

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 provides forex news and technical analysis on the trends that influence the global currency markets.