USD/CAD Technical Analysis: Quiet Consolidation Continues
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- USD/CAD Technical Strategy: Flat
- Support: 1.3054, 1.2956, 1.2798
- Resistance: 1.3207, 1.3366, 1.3494
The US Dollar is treading water above the 1.30 figure having corrected downward against its Canadian counterpart. Near-term resistance is at 1.3207, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.3366. Alternatively, a push below the 14.6% Fib retracement at 1.3054 opens the door for a challenge of the 23.6% threshold at 1.2956.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com