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