USD/CAD Technical Analysis: Digesting Above 1.25 Figure
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- USD/CAD Technical Strategy: Flat
- Support: 1.2524, 1.2448, 1.2372
- Resistance: 1.2618, 1.2770, 1.2922
The US Dollar continues to consolidate above the 1.25 figure against its Canadian counterpart having advanced to the highest level in 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.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.