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USD/CAD Technical Analysis: Rebound Stalls Below 1.23

USD/CAD Technical Analysis: Rebound Stalls Below 1.23

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 paused to digest gains after advancing to the highest level in a month against its Canadian namesake. Near-term resistance is at 1.2271, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.2379. Alternatively, a turn below the 23.6% Fib at 1.2137 clears the way for a test of trend line resistance-turned-support at 1.2057.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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!

USD/CAD Technical Analysis: Rebound Stalls Below 1.23

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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