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USD/CAD Technical Analysis: Stuck in Familiar Territory

USD/CAD Technical Analysis: Stuck in Familiar Territory

2015-03-03 01:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2328, 1.2181, 1.2035
  • Resistance: 1.2523, 1.2646, 1.2827

The US Dollar remains locked in a familiar range below the 1.27 figure against its Canadian counterpart after turning lower as expected. A daily close below the 1.2328-81area marked by the 38.2%Fibonacci retracement and the January 27 low exposes the 50% level at 1.2181. Alternatively, a turn above trend line resistance at 1.2523 clears the way for a test of the 23.6% Fib expansion at 1.2646.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/CAD Technical Analysis: Stuck in Familiar Territory

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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