USD/CAD Technical Analysis 02.08.2013

DailyFX

USD/CAD Technical Analysis- Prices pulled back as expected after putting in a Shooting Star candlestick. The formation of a bullish Morning Star pattern now suggests upside resumption maybe ready to commence. Initial resistance is at the parity figure, a barrier reinforced by the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1.0040. Initial support is at 0.9932, the February 7 low.

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Forex_USDCAD_Technical_Analysis_02.08.2013_body_Picture_1.png, USD/CAD Technical Analysis 02.08.2013

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

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