Forex: USD/CAD Technical Analysis – Standstill Below July Top

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USD/CAD Technical Analysis

  • Shooting Star candlestick below resistance at 1.0542 (50% Fib expansion) hints at topping
  • Break below initial support at 1.0472 (38.2% Fib) exposes the 23.6% Fib at 1.0385 next
  • Daily close above resistance opens the door for a challenge of 1.0613 (61.8% Fib)

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dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Standstill Below 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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