USD/CAD Technical Analysis: Testing Range Floor Anew
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com