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USD/CAD Technical Analysis 02.26.2013

USD/CAD Technical Analysis 02.26.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices broke above a critical resistance cluster in the 1.0197-1.0238 area, marked by two intersecting rising channel tops as well as a long-term falling trend line set from October 2011 and the 100% Fibonacci expansion. Buyers now aim to challenge the 123.6% Fib at 1.0338. The 100% expansion (1.0239) has been recast as near-term support.

Forex_USDCAD_Technical_Analysis_02.26.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.26.2013

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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