USD/CAD Meets Trend-Defining Resistance Level
Prices are testing a major resistance cluster in the 1.0197-1.0238 area. The region sees the intersection of two rising channel tops, one set from mid-September and the other from the January 11 low, as well as a long-term falling trend line established from the October 4 2011 high and the 100% Fibonacci expansion. A break above this marks a significant bullish development and initially exposes the 123.6% Fib at 1.0338. Near-term support is at 1.0138, the 76.4% level. An actionable trade setup is absent and we will stand asidefor now.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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