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USD/CAD Technical Analysis: Sideways Trade Above 1.03

By , Currency Strategist
19 July 2013 11:21 GMT

USD/CAD Technical Analysis – Prices are consolidating below resistance at 1.0436, the 23.6% Fibonacci expansion, having found support above the 1.03 figure. A break higher initially targets the 38.2% level at 1.0505. Near-term support is at 1.0325, the July 11 low, with a reversal beneath that eyeing a rising a trend line at 1.0257.

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dailyclassics_usd-cad_body_usdcad.png, USD/CAD Technical Analysis: Sideways Trade Above 1.03

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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19 July 2013 11:21 GMT