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USD/CAD Technical Analysis 02.14.2013

Ilya Spivak

USD/CAD Technical Analysis- Prices are edging lower to test support at 1.0003, the 50% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern. A break downward exposes the 61.8% level at 0.9983. Initial resistance is at 1.0022, the 38.2% Fib, with a reversal above that targeting the 23.6% expansion at 1.0047.

Forex_USDCAD_Technical_Analysis_02.14.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.14.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

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