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USD/CAD Technical Analysis: Buyers Retake 1.22 Figure

USD/CAD Technical Analysis: Buyers Retake 1.22 Figure

2015-05-20 05:04:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2137, 1.2044, 1.1946
  • Resistance: 1.2271, 1.2379, 1.2487

The US Dollar advanced for a fourth consecutive day, reclaiming a foothold above the 1.22 figure against its Canadian counterpart. A daily close above the 38.2% Fibonacci retracementat 1.2271 exposes the 50% level at 1.2379. Alternatively, a reversal below the 23.6% Fib at 1.2137 opens the door for a challenge of trend line resistance-turned-support at 1.2044.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

USD/CAD Technical Analysis: Buyers Retake 1.22 Figure

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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