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USD/CAD Technical Analysis: Loonie Gains Most in 4 Years

USD/CAD Technical Analysis: Loonie Gains Most in 4 Years

Ilya Spivak,

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2381, 1.2208, 1.2014
  • Resistance: 1.2635, 1.2801, 1.2929

The US Dollar turned lower against its Canadian namesake as expected, issuing the largest daily decline in four years. A daily close below the 1.2381-2448 area (January 27 low, 23.6% Fibonacci retracement) exposes the 38.2% level at 1.2208. Alternatively, a reversal above support-turned-resistance at 1.2635 opens the door for a challenge of a double top at 1.2801.

The long-term USDCAD uptrend favors the upside. With that in mind, we will look to any oncoming losses as a chance to enter long. In the meantime, we will remain on the sidelines until an actionable buying opportunity presents itself.

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 provides forex news and technical analysis on the trends that influence the global currency markets.