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USD/CAD Technical Analysis: Trend Line Support in Focus

USD/CAD Technical Analysis: Trend Line Support in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2468, 1.2328, 1.2181
  • Resistance: 1.2646, 1.2827, 1.2973

The US Dollar continues to struggle to find clear-cut direction cues against its Canadian namesake having topped and turned lower as expected. A daily close below trend line support at 1.2468 exposes the 1.2328-81area marked by the 38.2%Fibonacci retracement and the January 27 low. Alternatively, turn above the 23.6% Fib expansion at 1.2646clears the way for a test of the 1.2801-27 zone (January 30 high, 38.2% expansion).

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. 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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