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USD/CAD Technical Analysis 04.25.2013

USD/CAD Technical Analysis 04.25.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices launched higher after showing a bullish Piercing Line candlestick pattern, taking out the 23.6% Fibonacci expansion at 1.0207 to expose the 38.2% level at 1.0284. A further break above that aims for the 50% Fib at 1.0346. The 1.0207 mark has been recast as near-term support, with a reversal below that eyeing channel resistance-turned-support at 1.0174.

Forex_USDCAD_Technical_Analysis_04.25.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.25.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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