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USDCAD: Bears Set Sights on 0.97 Figure

USDCAD: Bears Set Sights on 0.97 Figure

2011-03-25 03:00:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD has extended its descent from resistance at the top of a rising channel set from early December, with prices now testing support at the 76.4% Fibonacci retracement of the 3/9-3/15 upswing (0.9739). A break below this boundary clears the way for a challenge of the March low at 0.9966. Initial resistance lines up at 0.9783, the 61.8% retracement level. Positioning doesn’t offer an actionable trade setup and we will remain on the sidelines for the time being.

USDCAD_Bears_Set_Sights_on_0.97_Figure_body_03242011_CAD.png, USDCAD: Bears Set Sights on 0.97 Figure

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To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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