USD/CAD Technical Analysis- Prices are edging lower to test support at 1.0003, the 50% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern. A break downward exposes the 61.8% level at 0.9983. Initial resistance is at 1.0022, the 38.2% Fib, with a reversal above that targeting the 23.6% expansion at 1.0047.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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