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USD/CAD Technical Analysis 04.02.2013

USD/CAD Technical Analysis 04.02.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices are testing below support at 1.0140, a barrier marked by the 38.2% Fibonacci retracement and reinforced by a falling channel bottom. A break downward on a daily closing basis exposes the 50% level at 1.0078. Near-term resistance is at 1.0217, the 23.6% retracement.

Forex_USDCAD_Technical_Analysis_04.02.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.02.2013

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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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