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Forex Analysis: USD/CAD Fails on Test of 0.99 Mark

Forex Analysis: USD/CAD Fails on Test of 0.99 Mark

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are hovering below resistance at 0.9879, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 0.9913. Near-term support is at 0.9824, the December 13 2012 low. A drop below that exposes a falling channel bottom 0.9787. An actionable trade setup is absent for now and we will stand aside.

Forex_Analysis_USDCAD_Fails_on_Test_of_0.99_Mark_body_Picture_1.png, Forex Analysis: USD/CAD Fails on Test of 0.99 Mark

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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