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USD/CAD Technical Analysis 02.13.2013

USD/CAD Technical Analysis 02.13.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices rebounded as expected after putting in a bullish Morning Star candlestick pattern. Buyers are now testing above resistance at 1.0041, the 38.2% Fibonacci expansion, with a break higher exposing the 50%level at 1.0074. Near-term support is at the parity figure, a psychological barrier reinforced by the 23.6% Fib.

Forex_USDCAD_Technical_Analysis_02.13.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.13.2013

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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