USD/CAD Technical Analysis: Bulls Fight to Retake Control
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- USD/CAD Technical Strategy: Long at 1.2649
- Support: 1.2872, 1.2729, 1.2614
- Resistance: 1.3002, 1.3090, 1.3232
The US Dollar is working to rebuild upside momentum against its Canadian counterpart after an expected correction lower. Near-term resistance is at 1.3002, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 1.3090. Alternatively, a reversal below the 23.6% Fib retracement at 1.2872 clears the way for a test of the 38.2% threshold at 1.2729.
We bought USDCAD at 1.2649 and have since booked profit on half of the position. The rest of the trade will remain open to take advantage of any further gains ahead. The stop-loss has been moved to the breakeven level.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com