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USD/CAD Technical Analysis: Double Top Needs Confirmation

USD/CAD Technical Analysis: Double Top Needs Confirmation

Ilya Spivak,

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2635, 1.2381, 1.2187
  • Resistance: 1.2801, 1.2968, 1.3158

The US Dollar may be carving out a double top against its Canadian counterpart as negative RSI divergence hints at ebbing upside momentum. Near-term resistance-turned-support is at 1.2365, with a break below that on a daily closing basis exposing Triangle floor support at 1.2381. Alternatively, a push above the January 30 high at 1.2801 clears the way for a test of the 38.2% Fibonacci expansion at 1.2968.

RSI divergence notwithstanding, an actionable bearish reversal signal needed to trigger a short position is absent for now. On the other hand, prices are too close to resistance to justify entering long from a risk/reward perspective. With that in mind, we will remain flat for now.

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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.