USDCAD Technical Analysis | Failing to Hold Above 1.31 Mark | 19.08.2015
- USDCAD Technical Analysis : Flat
- Support: 1.2956, 1.2798, 1.2670
- Resistance: 1.3109, 1.3207, 1.3366
The US Dollar is treading water near the 1.30 figure having corrected downward against its Canadian counterpart. Near-term support is at 1.2956, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 1.2798. Alternatively, a push above the 14.6% Fib expansion at 1.3109 clears the way for a test of the 23.6% threshold at 1.3207.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
We will keep you updated