USD/CAD Technical Analysis 04.29.2013

DailyFX

USD/CAD Technical Analysis- Prices are correcting lower from resistance at 1.0284, the 38.2% Fibonacci expansion, to retest below the top of a formerly broken falling channel (now at 1.0159). A confirmed break below that on a daily closing basis exposes the April 11 low at 1.0082. Alternatively, a move higher through resistance aims for the 50% Fib at 1.0346.

View photo

.
Forex_USDCAD_Technical_Analysis_04.29.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.29.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)