News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CAD Technical Analysis: Aiming Above 1.27 Figure

USD/CAD Technical Analysis: Aiming Above 1.27 Figure

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2381, 1.2187, 1.1997
  • Resistance: 1.2588, 1.2801, 1.2968

The US Dollar appears set to continue higher against its Canadian counterpart after breaching the top week-old consolidation range. Near-term resistance is in the 1.2733-1.2801area, marked by the 23.6%Fibonacci expansion and the January 30 high, with a break above that on a daily closing basis exposing the 38.2% level at 1.2968. Alternatively, reversal back below the 14.6% Fib at 1.2588opens the door for a challenge of the 1.2381-2421 zone (January 27 low, 23.6% Fib retracement).

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Aiming Above 1.27 Figure

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.

DISCLOSURES