USD/CAD Technical Analysis 02.08.2013
USD/CAD Technical Analysis- Prices pulled back as expected after putting in a Shooting Star candlestick. The formation of a bullish Morning Star pattern now suggests upside resumption maybe ready to commence. Initial resistance is at the parity figure, a barrier reinforced by the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1.0040. Initial support is at 0.9932, the February 7 low.
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