Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CAD Technical Analysis: Key Support Near 1.24 Figure

USD/CAD Technical Analysis: Key Support Near 1.24 Figure

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2397, 1.2319, 1.2243
  • Resistance: 1.2521, 1.2615, 1.2691

The US Dollar may be preparing to turn lower against its Canadian counterpart following the appearance of a Bearish Engulfing candlestick pattern. A daily close below the 1.2397-1.2413 area (horizontal pivot, 23.6% Fibonacci retracement) exposes the 38.2% level at 1.2319. Alternatively, a move above the 23.6% Fib expansion at 1.2521 opens the door for a challenge of the 1.2565-1.2615 zone (June 1 high, 38.2% expansion).

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present 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.

DISCLOSURES