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USD/CAD Technical Analysis: Rejected at Range Top Again

USD/CAD Technical Analysis: Rejected at Range Top Again

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2328, 1.2181, 1.2035
  • Resistance: 1.2538, 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 1.2538 clears the way for a test of the 23.6% Fib expansion at 1.2646.

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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