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USD/CAD Technical Analysis: Prices Slide to 2-Week Low

USD/CAD Technical Analysis: Prices Slide to 2-Week Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2956, 1.2798, 1.2670
  • Resistance: 1.3102, 1.3212, 1.3327

The US Dollar continues to correct lower against its Canadian namesake, hitting the lowest level in two weeks. Near-term support is at 1.2956, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 1.2798. Alternatively, a move above the July 24 high at 1.3102 clears the way for a test of the August 5 top at 1.3212.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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!

USD/CAD Technical Analysis: Prices Slide to 2-Week Low

--- 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.

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