Talking Points:
- USD/CAD Technical Strategy: Flat
- Support: 1.1996, 1.1866, 1.1761
- Resistance: 1.2153, 1.2284, 1.2396
The US dollar remains locked in a choppy range below the 1.22 figure against its Canadian namesake. A daily close above the 23.6% Fibonacci retracement at 1.2153 exposes the 38.2% level at 1.2284. Alternatively, a reversal below the 23.6% Fib expansion at 1.1996 clears the way for a test of the 38.2% threshold at 1.1866.
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.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.