USD/CAD Technical Analysis: Resistance Near 1.31 in Focus
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- USD/CAD Technical Strategy: Flat
- Support: 1.2956, 1.2798, 1.2670
- Resistance: 1.3109, 1.3207, 1.3366
The US Dollar continues to mark time against its Canadian namesake after finding support below the 1.30 figure. A daily close below the 23.6% Fibonacci retracementat 1.2956 exposes the 38.2% level at 1.2798. Alternatively, a move above the 14.6% Fib expansion at 1.3109 opens the door for a challenge of the 23.6% threshold at 1.3207.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com