USD/CAD Technical Analysis: Prices Rise to 3-Month High
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CAD Technical Strategy: Flat
- Support: 1.2524, 1.2448, 1.2372
- Resistance: 1.2618, 1.2770, 1.2922
The US Dollar continues to push upward against its Canadian counterpart, hitting the highest level in almost three months. A daily close above the 76.4% Fibonacci expansion at 1.2618 exposes the 100% level at 1.2770. Alternatively, a turn below the 61.8% Fib at 1.2524 opens the door for a challenge of the 50% expansion at 1.2448.
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.com