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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD/CAD Technical Analysis: Foothold Secured Above 1.23

USD/CAD Technical Analysis: Foothold Secured Above 1.23

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2271, 1.2137, 1.2055
  • Resistance: 1.2379, 1.2487, 1.2621

The US Dollar continued to edge upward against its Canadian counterpart, securing a foothold above the 1.23 figure. 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.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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.com

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

DISCLOSURES