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USD/CAD Technical Analysis 02.28.2013

USD/CAD Technical Analysis 02.28.2013

2013-02-28 12:55:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis- Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Near-term support is in the 1.0187-1.0231 area, with a break lower exposing the 38.2% Fibonacci retracement at 1.0116. Near-term resistance is at 1.0302, the February 26 high.

Forex_USDCAD_Technical_Analysis_02.28.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.28.2013

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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