USD/CAD Technical Analysis: Range Bottom Holds Up
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- USD/CAD Technical Strategy: Flat
- Support: 1.1953, 1.1823, 1.1717
- Resistance: 1.2034, 1.2083, 1.2165
The US Dollar managed to hold the bottom up above long-standing range support below the 1.20 figure against its Canadian counterpart. Near-term support is at 1.1953, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.1823. Alternatively, a turn above the 14.6% Fib at 1.2034 opens the door for a challenge of trend line resistance at 1.2083.
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.
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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.