USD/CAD Technical Analysis: Treading Water Below 1.23
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- 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com