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USD/CAD Technical Analysis: Positioning Hints at Topping

USD/CAD Technical Analysis: Positioning Hints at Topping

2015-06-01 03:36:00
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 may be carving out a top against its Canadian namesake having produced a Shooting Star candlestick. A daily close below the 50% Fibonacci retracementat 1.2379 exposes the 38.2% level at 1.2271. Alternatively, a move above the 61.8% Fib at 1.2487 opens the door for a challenge of the 76.4% retracement at 1.2621.

A Shooting Star speaks to indecision and requires further confirmation before amounting to an actionable reversal signal. As such, we will continue to stand aside for now until a more actionable trading opportunity emerges.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Positioning Hints at Topping

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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