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USD/CAD Technical Analysis 05.07.2013

USD/CAD Technical Analysis 05.07.2013

2013-05-07 03:40:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis– Prices are oscillating below resistance in the 1.0001-08 area marked by the April 11 close and the 23.6% Fibonacci retracement. Support is at 1.0061, the January 28 close, with a break below that exposing a rising trend line at 0.9994. Alternatively, a move above resistance aims for the 38.2% retracement at 1.0143.

Forex_USDCAD_Technical_Analysis_05.07.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.07.2013

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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