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USD/CAD Technical Analysis 03.28.2013

USD/CAD Technical Analysis 03.28.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices put in an Inverted Hammer candlestick above support in the 1.0137-42 area, marked by the 50% Fibonacci retracement and the bottom of a falling channel, hinting a move higher may be ahead. Near-term resistance is at 1.0185, the 38.2% Fib, with a push above that targeting the underside of a previously broken rising trend line at 1.0210.

Forex_USDCAD_Technical_Analysis_03.28.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.28.2013

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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