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USD/CAD Technical Analysis: Resistance Near 1.31 in Focus

USD/CAD Technical Analysis: Resistance Near 1.31 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2956, 1.2798, 1.2670
  • Resistance: 1.3109, 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Resistance Near 1.31 in Focus

--- 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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