USD/CAD Technical Analysis: Aiming Above 1.32 Figure

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Talking Points:

• USD/CAD Technical Strategy: Flat
• Support: 1.3109, 1.2956, 1.2798
• Resistance: 1.3207, 1.3366, 1.3494

The US Dollar is attempting to resume the uptrend against its Canadian namesake, with prices poised to challenge resistance above the 1.32 figure. A daily close above the 14.6% Fibonacci expansion at 1.3109 exposes the 23.6% level at 1.3207. Alternatively, a move below the 23.6% Fib retracement at 1.2956 opens the door for a challenge of the 38.2% threshold at 1.2798.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com