Yahoo Finance 
USD/CAD Technical Analysis: Stuck in Familiar Territory
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
USD/CAD Technical Strategy: Flat
Support: 1.2328, 1.2181, 1.2035
Resistance: 1.2523, 1.2646, 1.2827
The US Dollar remains locked in a familiar range below the 1.27 figure against its Canadian counterpart after turning lower as expected. A daily close below the 1.2328-81area marked by the 38.2%Fibonacci retracement and the January 27 low exposes the 50% level at 1.2181. Alternatively, a turn above trend line resistance at 1.2523 clears the way for a test of the 23.6% Fib expansion at 1.2646.
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!
Daily Chart - Created Using FXCM Marketscope
--- 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.
Learn forex trading with a free practice account and trading charts from FXCM.
