Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.2426)
- Resistance Levels: 1.28, 1.2970, 1.3159
- Support Levels: 1.2380, 1.2207, 1.2015
- Trade Strategy: Stand Aside
It is the same old story for the US Dollar in the USD/CAD Forex pair. We are stuck above the range support just above the key pivot at 1.24. Please see the below daily MT 4 chart.
Short term support is lining up under the congestion area that ranges from 1.2447 to 1.2380. A daily close below this level will challenge the technical support at 1.2207. Should the US Dollar move higher, pushing the USD/CAD up, then we note technical resistance at the key 1.28 pivot. This is also the January 30 high. A break above this level challenges the technical resistance at 1.2970.
Entering a short USD trade, from a risk to reward perspective makes no sense right now. Price action is too close to a support level. There are no bullish reversal signals warranting a long CAD trade. For now I am waiting and watching the charts for a clearly defined trade signal.
