U.S. Markets closed

USD/CAD Technical Analysis: Prices Revisit May Highs

Ilya Spivak

USD/CAD Technical Analysis– Prices launched sharply higher from support at the bottom of a falling channel set from late May, with prices now testing through the 61.8% Fibonacciexpansion at 1.0388. A break above that exposes the 76.4% level at 1.0447. Near-term support is at 1.0340, the 50% Fib.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Prices Revisit May Highs

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.