USD/CAD Technical Analysis: Support Below 1.24 Holding
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- USD/CAD Technical Strategy: Flat
- Support: 1.2381, 1.2208, 1.2014
- Resistance: 1.2801, 1.3039, 1.3233
The US Dollar continues to consolidate above range support near the 1.24 figure against its Canadian counterpart. Near-term support is in the 1.2381-2448 area (January 27 low, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 1.2208. Alternatively, a turn above the January 30 high at 1.2801 opens the door for a challenge of the 38.2% Fib expansion at 1.3039.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com