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USD/CAD Technical Analysis: Loonie Falls for Fourth Day

USD/CAD Technical Analysis: Loonie Falls for Fourth Day

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2279, 1.2221, 1.2127
  • Resistance: 1.2384, 1.2448, 1.2524

The US Dollar is working to rebuild its up move against its Canadian namesake, rising for a fourth consecutive day. A daily close above the 1.2372-84 area (38.2% Fibonacci expansion, horizontal pivot) exposes the 50% level at 1.2448. Alternatively, a turn below the 23.6% Fib at 1.2279 opens the door for a challenge of the 14.6% expansion at 1.2221.

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!

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.