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USD/CAD Edge Lower to Flirt with 1.01 Mark

Ilya Spivak

USD/CAD Technical Strategy: Flat

Prices are testing support in the 1.0061-1.0101 area. A break below this boundary exposes a rising trend line at 0.9991. Resistance is at 1.0143, the 38.2% Fibonacci retracement, with a push above that aiming for the 50% level at 1.0172. The overall bias continues to appear bullish but an actionable setup is absent and we will stand asidefor now.

Forex_Analysis_USDCAD_Edge_Lower_to_Flirt_with_1.01_Mark_body_Picture_5.png, USD/CAD Edge Lower to Flirt with 1.01 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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