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USDCAD: Weakness Hinted at Channel Top

USDCAD: Weakness Hinted at Channel Top

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in a Shooting Star candlestick below resistance at the top of a falling channel set from late July (0.9786), hinting a move lower may be ahead. Near-term support is at 0.9632, the September 14 low. Resistance is reinforced by the 23.6% Fibonacci retracement at 0.9824, with a break above that targeting the 38.2% barrier at 0.9943. A confirmed entry trigger remains absent for now and we will stand aside for now.

USDCAD_Weakness_Hinted_at_Channel_Top_body_Picture_5.png, USDCAD: Weakness Hinted at Channel Top

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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