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USD/CAD Back at Trend Support

USD/CAD Back at Trend Support

2013-08-09 10:57:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Strategy: Flat

Prices recoiled from swing top resistance at 1.0441, sinking back to key support at a rising trend line set from early May (now at 1.0295). This boundary is reinforced by the 38.2% Fibonacci expansion at 1.0305, with a break below that eyeing the 50% level at 1.0263. Near-term resistance is at 1.0359, the 23.6% Fib. A reversal back above that aims for 1.0441 anew.We will wait to see how the pair resolves itself at the trend line and look to establish a trade on that basis.

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Forex_Strategy_USDCAD_Back_at_Trend_Support_body_Picture_5.png, USD/CAD Back at Trend Support

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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