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USD/CAD Technical Analysis: 1.01 Mark at Risk

Ilya Spivak

USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern below the 1.04 figure. Sellers now challenge support at 1.0109, the 76.4% Fibonacci retracement. A push below that initially exposes a rising trend line set from mid-September 2012, now at 1.0075. Near-term resistance is at 1.0168, the 61.8% Fib, with a move above that targeting the 50% retracement at 1.0216.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: 1.01 Mark at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

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

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