Forex: USD/CAD Technical Analysis – Bears Struggle for Momentum

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Talking Points

  • A bearish Evening Star candle pattern hints a turn lower is ahead
  • Breaking support at 1.0422 (23.6% Fib ret.) would expose 1.0376 (38.2% Fib)
  • Resistance is in the 1.0496-98 area (trend line from June low, Oct 30 high)

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dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Bears Struggle for Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

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

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