USD/CAD Technical Analysis 02.01.2013
USD/CAD Technical Analysis- Prices moved lower as expected after putting in a Shooting Star candlestick. Sellers found initial support at 0.9957, the 50% Fibonacci retracement. A break below that targets the 61.8% level at 0.9923. Near-term resistance is at 0.9991, the 38.2% Fib, with a push above that exposing the parity figure and the 23.6% retracement at 1.0032.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE