USD/CAD Technical Analysis: Aiming Above 1.24 Figure

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Talking Points:

• USD/CAD Technical Strategy: Flat
• Support: 1.2372, 1.2279, 1.2221
• Resistance: 1.2448, 1.2524, 1.2618

The US Dollar is working to rebuild its up move against its Canadian namesake, with prices now aiming above the 1.24 figure. A daily close above the 50% Fibonacci expansion at 1.2448 exposes the 61.8% level at 1.2524. Alternatively, a turn below the 1.2372-84 area (38.2% Fibonacci expansion, horizontal pivot) opens the door for a challenge of the 23.6% Fib at 1.2279.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com