USD/CAD Technical Analysis 03.29.2013

DailyFX

USD/CAD Technical Analysis- Prices put in an Inverted Hammer candlestick above support at 1.0137, marked by the 50% Fibonacci retracement and the bottom of a falling channel, hinting a move higher may be ahead. Near-term resistance is at 1.0185, the 38.2% Fib, with a push above that targeting the underside of a previously broken rising trend line at 1.0216. Alternatively, a drop below support aims for the 61.8% level at 1.0088.

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Forex_USDCAD_Technical_Analysis_03.29.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.29.2013

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

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