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USD/CAD Technical Analysis: Range Support Back in Play

USD/CAD Technical Analysis: Range Support Back in Play

2015-04-06 00:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2381, 1.2208, 1.2014
  • Resistance: 1.2801, 1.3039, 1.3233

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 1.3039.

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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USD/CAD Technical Analysis: Range Support Back in Play

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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