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Forex: USD/CAD Technical Analysis 01.31.2013

Forex: USD/CAD Technical Analysis 01.31.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at 1.0077, the 61.8% Fibonacci retracement, breaking initial support at the 50% level (1.0026). Sellers now target the 38.2% mark at 0.9976, with a further push below that aiming for falling channel resistance-turned-support at 0.9908. The 1.0026 level has been recast as near-term resistance.

Forex_USDCAD_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: USD/CAD Technical Analysis 01.31.2013

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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