U.S. Markets closed

Forex: USD/CAD Technical Analysis 01.31.2013

Ilya Spivak

USD/CAD Technical Analysis- Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at 1.0077, the 61.8% Fibonacci retracement, breaking initial support at the 50% level (1.0026). Sellers now target the 38.2% mark at 0.9976, with a further push below that aiming for falling channel resistance-turned-support at 0.9908. The 1.0026 level has been recast as near-term resistance.

Forex_USDCAD_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: USD/CAD Technical Analysis 01.31.2013

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.