Forex Analysis: USD/CAD Probing Back Above 0.99
Prices are rebounding from support at 0.9844, the 50% Fibonacci retracement. Near-term resistance is at 0.9894, the 38.2% retracement, with a push above that aiming for the December 28 swing high at 0.9969. Alternatively, a reversal below support targets the 61.8% Fib at 0.9794. An actionable trade setup is absent for now and we will stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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