Forex: USD/CAD Technical Analysis – Buyers Take Aim at July Top

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Talking Points

  • Break above at 1.0542 (50% Fib expansion) hints bearish Shooting Starnegated
  • Bulls now aim to challenge the 1.0608-13 area (July 5 swing high, 61.8% Fib)
  • Reversal and daily close back below 1.0542 aims for 1.0472 (38.2% Fib)

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dailyclassics_usd-cad_body_Picture_8.png, Forex: USD/CAD Technical Analysis – Buyers Take Aim at July Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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