USDCAD: Support at Parity Level Gives Way
USDCAD cracked through support at 1.0032, the intersection of a rising trend line and the 50% Fibonacci retracement level, to stall ahead of the 61.8% level (0.9884). Continued selling from here targets the 76.4% Fib at 0.9701. The 50% retracement has been recast as near-term resistance. We do not see an actionable trade setup here and will stand aside for now.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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