USD/CAD Stuck in Consolidation Mode

Ilya Spivak


USD/CAD Technical Strategy: Flat


Prices are consolidating below resistance at 1.0436, the 23.6% Fibonacci expansion, having found support above the 1.03 figure. A break higher initially targets the 38.2% level at 1.0505. Near-term support is at 1.0325, the July 11 low, with a reversal beneath that eyeing a rising a trend line at 1.0257. Current positioning does not offer an actionable entry signal and we will stand aside for now.


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dailyclassics_gbp-usd_body_Picture_5.png, USD/CAD Stuck in Consolidation Mode
dailyclassics_gbp-usd_body_Picture_5.png, USD/CAD Stuck in Consolidation Mode

Daily Chart - Created Using FXCM Marketscope 2.0




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


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