USD/CAD Technical Analysis: Digesting Above 1.20 Figure
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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 remains locked in a choppy range below the 1.22 figure against its Canadian namesake. A daily close above the 23.6% Fibonacci retracementat 1.2153 exposes the 38.2% level at 1.2284. Alternatively, a reversal below the 23.6% Fib expansion at 1.1996 clears the way for a test of the 38.2% threshold at 1.1866.
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