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USD/CAD Technical Analysis: Loonie Hits Three-Month High

USD/CAD Technical Analysis: Loonie Hits Three-Month High

2015-04-29 04:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2021, 1.1933, 1.1845
  • Resistance: 1.2131, 1.2198, 1.2307

The US Dollar continues to sink against its Canadian namesake having turned lower after topping below the 1.27 figure as expected. A daily close below the 38.2% Fibonacci expansion at 1.2021 exposes the 50% level at 1.1933. Alternatively, a rebound above the 23.6% Fib at 1.2131 clears the way for a test of 14.6% expansion at 1.2198.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

USD/CAD Technical Analysis: Loonie Hits Three-Month High

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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