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Forex Analysis: USD/CAD Probes Above Parity Mark

By , Currency Strategist
25 January 2013 13:44 GMT

Strategy: Flat

Prices are testing support-turned-resistance at a rising trend line set from mid-September (1.0044), a barrier reinforced by the 50% Fibonacci expansion at 1.0026. A break above 1.0044 aims for the 61.8% level at 1.0076. Support is at 0.9977, the 38.2% expansion. An actionable trade setup is absent for now and we will stand aside.

Forex_Analysis_USDCAD_Probes_Above_Parity_Mark_body_Picture_1.png, Forex Analysis: USD/CAD Probes Above Parity Mark

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

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25 January 2013 13:44 GMT