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USD/CAD Technical Analysis: Early Topping Signs Emerge

Ilya Spivak

USD/CAD Technical Analysis– Prices put in a Spinning Top candlestick below resistance at 1.0530, the 50% Fibonacciexpansion, pointing to indecision and hinting a turn lower may be ahead. Near-term support is at 1.0437, the 38.2% level, with a break beneath that targeting the 23.6% Fib at 1.0322. Alternatively, a break above resistance aims for the 61.8% expansion at 1.0623.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Early Topping Signs Emerge

Daily Chart - Created Using FXCM Marketscope 2.0

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

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