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USD/CAD Technical Analysis 02.07.2013

USD/CAD Technical Analysis 02.07.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices moved lower as expected after putting in a Shooting Star candlestick. Sellers have now broken support at 0.9957, the 50% Fibonacci retracement, exposing the 61.8% level at 0.9923. A further push below that targets a formerly broken rising channel top at 0.9894. The 0.9957 mark has been recast as resistance, with a reversal back above that aiming for the 38.2% Fib at 0.9991.

Forex_USDCAD_Technical_Analysis_02.07.2013_body_Picture_1.png, USD/CAD Technical Analysis 02.07.2013

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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