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USD/CAD Technical Analysis: Top in Place Below 1.26 Mark?

USD/CAD Technical Analysis: Top in Place Below 1.26 Mark?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2397, 1.2319, 1.2243
  • Resistance: 1.2471, 1.2565, 1.2671

The US Dollar may have set a top against its Canadian namesake having produced a Bearish Engulfing candlestick pattern. Near-term support is in the 1.2397-1.2413 area (horizontal pivot, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 1.2319. Alternatively, a move above the 14.6% Fib at 1.2471 clears the way for a test of the June 1 high at 1.2565.

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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