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USD/CAD Technical Analysis: Key Support Pressured Anew

USD/CAD Technical Analysis: Key Support Pressured Anew

2015-06-09 00:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2397, 1.2319, 1.2243
  • Resistance: 1.2521, 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 short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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!

USD/CAD Technical Analysis: Key Support Pressured Anew

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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