USD/CAD Back at Trend Support
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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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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