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USD/CAD Technical Analysis 02.22.2013

USD/CAD Technical Analysis 02.22.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices are testing a major resistance cluster in the 1.0197-1.0238 area. The region sees the intersection of two rising channel tops, one set from mid-September and the other from the January 11 low, as well as a long-term falling trend line established from the October 4 2011 high and the 100% Fibonacci expansion. A break above this marks a significant bullish development and initially exposes the 123.6% Fib at 1.0338. Near-term support is at 1.0138, the 76.4% level.

Forex_USDCAD_Technical_Analysis_02.22.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.22.2013

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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