Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/CAD Technical Analysis: Treading Water Below 1.23

USD/CAD Technical Analysis: Treading Water Below 1.23

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

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

The US Dollar remains in digestion mode after recovering to a monthly high 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.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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 provides forex news and technical analysis on the trends that influence the global currency markets.