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USD/CAD Technical Analysis: Prices Rise to 7-Week High

USD/CAD Technical Analysis: Prices Rise to 7-Week High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2503, 1.2397, 1.2292
  • Resistance: 1.2559, 1.2649, 1.2722

The US Dollar resumed its advance against its Canadian counterpart, rising to the highest level in seven weeks. Near-term resistance is at 1.2559, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.2649. Alternatively, a reversal below the 14.6% Fib at 1.2503 clears the way for a test of a horizontal pivot at 1.2397.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents 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.com

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

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