USD/CAD Technical Analysis: Probing Below 1.20 Again
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- USD/CAD Technical Strategy: Flat
- Support: 1.1996, 1.1866, 1.1761
- Resistance: 1.2076, 1.2206, 1.2307
The US Dollar is probing below the 1.20 figure against its Canadian namesake again after a brief recovery failed to build momentum. A daily close below the 23.6% Fibonacci expansion at 1.1996 exposes the 38.2% level at 1.1866. Alternatively, a reversal above the 14.6% Fib at 1.2076 clears the way for a test of the May 1 high at 1.2206.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com