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USD/CAD Technical Analysis: Testing Range Floor Anew

USD/CAD Technical Analysis: Testing Range Floor Anew

2015-05-13 07:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1996, 1.1866, 1.1761
  • Resistance: 1.2153, 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 push below the 23.6% Fib expansion at 1.1996 opens the door for a challenge of the 38.2% threshold at 1.1866.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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USD/CAD Technical Analysis: Testing Range Floor Anew

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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