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USD/CAD Technical Analysis: Sellers Fail to Breach 1.22

USD/CAD Technical Analysis: Sellers Fail to Breach 1.22

2015-06-18 22:08:00
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, 1.2673

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.

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USD/CAD Technical Analysis: Sellers Fail to Breach 1.22

--- 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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