USD/CAD Technical Analysis: June Top in the Crosshairs
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- USD/CAD Technical Strategy: Flat
- Support: 1.2448, 1.2372, 1.2279
- Resistance: 1.2524, 1.2618, 1.2770
The US Dollar accelerated upward against its Canadian counterpart, with buyers now eyeing resistance above the 1.25 figure. Near-term resistance at 1.2524, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 1.2618. Alternatively, a move below the 50% Fib at 1.2448 clears the way for a test of the 1.2372-84 area (38.2% expansion, horizontal pivot).
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- 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.