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USD/CAD Technical Analysis 03.27.2013

USD/CAD Technical Analysis 03.27.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices continue to reverse lower as expected, taking out a rising trend line set from mid January to challenge the 1.0137-47 area marked by the 50% Fibonacci retracement and the bottom of a falling channel. A drop below that exposes the 61.8% level at 1.0088. Near-term resistance is at 1.0185, the 38.2% Fib, with a move back above that eyeing a retest of the trend line (now at 1.0203).

Forex_USDCAD_Technical_Analysis_03.27.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.27.2013

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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