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USD/CAD Technical Analysis: Chart Setup Warns of Downturn

Ilya Spivak

USD/CAD Technical Analysis– Prices pulled back as expected, completing a bearish Evening Star candlestick pattern. Initial support is at 1.0427, the 23.6% Fibonacciretracement, with a break below that exposing the 38.2% level at 1.0348. Near-term resistance is at 1.0555, the June 24 high.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Chart Setup Warns of Downturn

Daily Chart - Created Using FXCM Marketscope 2.0

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

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