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USD/CAD Technical Analysis: Four-Day Win Streak Broken

USD/CAD Technical Analysis: Four-Day Win Streak Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2381, 1.2208, 1.2014
  • Resistance: 1.2646, 1.2801, 1.3017

The US Dollar may turn lower against its Canadian counterpart after prices put in a Shooting Star candlestick below falling trend line resistance. 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 trend line resistance 1.2646 at opens the door for a challenge of the January 30 high at 1.2801

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Four-Day Win Streak Broken

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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