USDCAD: Weakness Hinted at Channel Top
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.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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