USD/CAD Technical Analysis- Prices are correcting lower from resistance at 1.0284, the 38.2% Fibonacci expansion, to retest the top of a formerly broken falling channel at 1.0173. A move beneath that exposes the April 11 low at 1.0082. Alternatively, a reversal above resistance aims for the 50% Fib at 1.0346.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE