USD/CAD Technical Analysis- Prices continue to reverse lower as expected, taking out a rising trend line set from mid January to challenge the 1.0137-47 area marked by the 50% Fibonacci retracement and the bottom of a falling channel. A drop below that exposes the 61.8% level at 1.0088. Near-term resistance is at 1.0185, the 38.2% Fib, with a move back above that eyeing a retest of the trend line (now at 1.0203).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE