USD/CAD Technical Analysis: Cautious Rebound Attempted
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- USD/CAD Technical Strategy: Flat
- Support: 1.2209, 1.2015, 1.1821
- Resistance: 1.2354, 1.2457, 1.2585
The US Dollar is digesting losses after reversing downward as expected against its Canadian counterpart. Near-term support is at 1.2209, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 1.2015. Alternatively, a move back above the February 3 low at 1.2354 opens the door for a challenge of trend line support-turned-resistance at 1.2457.
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