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USD/CAD Technical Analysis: New Six-Week High Set

USD/CAD Technical Analysis: New Six-Week High Set

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2379, 1.2271, 1.2137
  • Resistance: 1.2487, 1.2621, 1.2801

The US Dollar re-accelerated higher against its Canadian namesake, setting a new six-week high below the 1.25 figure. Near-term resistance is at 1.2487, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 1.2621. Alternatively, a turn below the 50% Fib at 1.2379 clears the way for a test of the 38.2% retracement at 1.2137.

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: New Six-Week High Set

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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