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USDCAD: Interim Support Found Above 0.98

By , Currency Strategist
27 April 2012 09:25 GMT

Strategy: Flat

USDCAD put in a Hammer candle above support at 0.9814, the 50% Fibonacci expansion level, hinting a bounce is ahead. The setup is not sufficiently conclusive to trigger a position however and we will stand side until something more concrete emerges. Initial resistance lines up at 0.9870, the 38.2% Fib.

USDCAD_Interim_Support_Found_Above_0.98_body_Picture_5.png, USDCAD: Interim Support Found Above 0.98

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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27 April 2012 09:25 GMT