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USD/CAD Technical Analysis: Treading Water Near 1.22

USD/CAD Technical Analysis: Treading Water Near 1.22

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2209, 1.2015, 1.1821
  • Resistance: 1.2354, 1.2456, 1.2585

The US Dollar moved lower against its Canadian namesake as expected after prices produced a Shooting Star candlestick at trend line resistance. A conclusive break below the 38.2% Fibonacci retracement at 1.2209 exposes the 50% level at 1.2015. Alternatively, a rebound above the February 3 low at 1.2354 clears the way for a test of trend line support-turned-resistance at 1.2456.

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: Treading Water Near 1.22

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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