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USD/CAD Technical Analysis 04.01.2013

Ilya Spivak

USD/CAD Technical Analysis- Prices put in an Inverted Hammer candlestick above support at 1.0137, marked by the 50% Fibonacci retracement and reinforced by a falling channel bottom as well as a rising trend line, hinting a rebound is ahead. Near-term resistance is at 1.0185, the 38.2% Fib, with a push above that targeting the 23.6% Fib at 1.0245. Alternatively, a drop below 1.0137 aims for the 61.8% level at 1.0088.

Forex_USDCAD_Technical_Analysis_04.01.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.01.2013

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

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