U.S. Markets open in 8 hrs 3 mins

USD/CAD Technical Analysis: Bears Held at Channel

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. The pair found support at the bottom of a falling channel and edged back above 1.0168, the 61.8% Fibonacci retracement. The next upside hurdle is at 1.0216, the 50% Fib, with move above that targeting the 38.2% level at 1.0264. Alternatively, a move back below 1.0168 aims to retest the channel bottom at 1.0125.


dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Bears Held at Channel

Daily Chart - Created Using FXCM Marketscope 2.0




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


To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak


To be added to Ilya's e-mail distribution list, please CLICK HERE


New to FX? Watch this Video. For live market updates, visit the Real Time News Feed


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.