USD/CAD Technical Analysis – Prices broke support at the 1.03 figure, the 50% Fibonacci expansion. Sellers now challenge the 1.0266-72 area marked by a rising trend line set from early May and the 61.8% Fib. A break below that exposes the 76.4% expansion at 1.0225. The 1.03 level has been recast as near-term resistance, with a reversal back above that eyeing the 38.2% barrier at 1.0333.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Utility Industry
- Technical Analysis