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USD/CAD Technical Analysis 04.26.2013

USD/CAD Technical Analysis 04.26.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices are correcting lower from resistance at 1.0284, the 38.2% Fibonacci expansion, to retest the top of a formerly broken falling channel at 1.0173. A move beneath that exposes the April 11 low at 1.0082. Alternatively, a reversal above resistance aims for the 50% Fib at 1.0346.

Forex_USDCAD_Technical_Analysis_04.26.2013_body_Picture_5.png, USD/CAD Technical Analysis 04.26.2013

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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