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USD/CAD Technical Analysis 02.15.2013

USD/CAD Technical Analysis 02.15.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices are wedged between support at 1.0003 and resistance at 1.0022, the 50% and 38.2% Fibonacci expansions respectively. A Bearish Engulfing candlestick pattern argues in favor of a downside scenario. A break downward exposes the 61.8% level at 0.9983. Alternatively, a rebound through resistance targets the 23.6% expansion at 1.0047.

Forex_USDCAD_Technical_Analysis_02.15.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.15.2013

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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USD/CAD
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