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USD/CAD Technical Analysis: Range Bottom Holds Up

USD/CAD Technical Analysis: Range Bottom Holds Up

2015-05-15 03:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Range Bottom Holds Up

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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