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USD/CAD Technical Analysis: Probing Below 1.20 Again

USD/CAD Technical Analysis: Probing Below 1.20 Again

2015-05-07 05:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

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

USD/CAD Technical Analysis: Probing Below 1.20 Again

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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