USD/CAD Technical Analysis 04.11.2013

Ilya Spivak

USD/CAD Technical Analysis- Prices are testing below falling channel support, eyeing the 38.2% Fibonacci retracementat 1.0070. A break below that targets the 50% level at 0.9986. Near-term resistance is at 1.0174, the 23.6% Fib, with a reversal above that eyeing the channel top at 1.0218.

Forex_USDCAD_Technical_Analysis_04.11.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.11.2013
Forex_USDCAD_Technical_Analysis_04.11.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.11.2013

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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.