USD/CAD Continues to Drift Near Parity Level

DailyFX

Strategy: Flat

Prices are wedged between support at 1.0003 and resistance at 1.0022, the 50% and 38.2% Fibonacci expansions respectively. A Bearish Engulfing candlestick pattern argues in favor of a downside scenario. A break downward exposes the 61.8% level at 0.9983. Alternatively, a rebound through resistance targets the 23.6% expansion at 1.0047. An actionable trade setup is absent for now and we will stand aside.

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Forex_Analysis_USDCAD_Continues_to_Drift_Near_Parity_Level_body_Picture_5.png, USD/CAD Continues to Drift Near Parity Level

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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