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Forex: USD/CAD Technical Analysis – Candle Warns of Pullback

By , Currency Strategist
26 August 2013 10:58 GMT

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USD/CAD Technical Analysis – Prices advanced as expected after putting in a bullish Three Inside Up candlestick pattern. The pair is now showing a Shooting Star candle below resistance at 1.0536, the 61.8% Fibonacci expansion, hinting a pullback may be ahead. Near-term support is at 1.0481, the 50% level, with a break beneath that targeting the 38.2% Fib at 1.0425. Alternatively, a move above resistance eyes the 76.4% expansion at 1.0605.

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dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Candle Warns of Pullback

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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26 August 2013 10:58 GMT