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USD/CAD Technical Analysis 05.10.2013

By , Currency Strategist
10 May 2013 09:05 GMT

USD/CAD Technical Analysis– Prices put in a bullish Morning Star candlestick pattern above support at a rising trend line set from mid-September 2012, hinting a move higher is ahead. Near-term resistance is at 1.0090, the 14.6% Fibonacci expansion. A break higher initially exposes the 23.6% level at 1.0137. Trend line support is now at 1.0017.

Forex_USDCAD_Technical_Analysis_05.10.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.10.2013

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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10 May 2013 09:05 GMT