USD/CAD Technical Analysis: Support Near 1.24 Back in Play
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- USD/CAD Technical Strategy: Flat
- Support: 1.2381, 1.2208, 1.2014
- Resistance: 1.2801, 1.2968, 1.3158
The US Dollar continues to tread water in a familiar range below the 1.28 figure against its Canadian namesake. 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 the January 30 high at 1.2801 opens the door for a challenge of the 38.2% Fib expansion at 1.2968.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.