USD/CAD Technical Analysis: Treading Water Below 1.22
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- USD/CAD Technical Strategy: Flat
- Support: 1.1996, 1.1866, 1.1761
- Resistance: 1.2153, 1.2284, 1.2396
The US Dollar continues to consolidate in a choppy range below the 1.22 figure against its Canadian counterpart. Near-term resistance is at 1.2153, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.2284. Alternatively, a reversal below the 23.6% Fib expansion at 1.1996 opens the door for a challenge of the 38.2% threshold at 1.1866.
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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com