USD/CAD Technical Strategy: Flat

Prices are correcting lower from resistance at 1.0284, the 38.2% Fibonacci expansion, to retest the top of a formerly broken falling channel at 1.0173. A move beneath that exposes the April 11 low at 1.0082. Alternatively, a reversal above resistance aims for the 50% Fib at 1.0346. The overall bias continues to appear bullish but an actionable setup is absent and we will stand asidefor now.

Forex_Analysis_USDCAD_Pullback_May_Yield_Long_Entry_body_Picture_5.png, USD/CAD Pullback May Yield Long Entry

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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