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USD/CAD Technical Analysis 03.22.2013

USD/CAD Technical Analysis 03.22.2013

2013-03-22 13:31:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis- Prices are turning lower from resistance at 1.0281, the 14.6%% Fibonacci retracement, to test below the 23.6% levelat 1.0245. A confirmed break downward initially targets the 38.2% Fib at 1.0185. Alternatively, a reversal above resistance – now reinforced by a felling trend line at 1.0269 – aims for the March 1 swing high at 1.0341.

Forex_USDCAD_Technical_Analysis_03.22.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.22.2013

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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