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USD/CAD Technical Analysis: Selloff Extends for Fourth Day

USD/CAD Technical Analysis: Selloff Extends for Fourth Day

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2213, 1.2105, 1.1997
  • Resistance: 1.2384, 1.2562, 1.2677

The US Dollar turned lower against its Canadian counterpart as expected after producing a Bearish Engulfing candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 1.2213 exposes the 50% level at 1.2105. Alternatively, a rebound above the 1.2346-84 area (horizontal pivot, 23.6% Fib) opens the door for a challenge of the June 1 high at 1.2562.

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: Selloff Extends for Fourth Day

--- 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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