USD/CAD Technical Analysis 05.09.2013
USD/CAD Technical Analysis– Prices broke support at 1.0039, the 38.2% Fibonacci expansion, exposing the 50% level at 1.0010. This barrier is reinforced by a rising trend line set from mid-September 2012 and the psychologically significant parity figure. A push beneath that targets the 61.8% Fib at 0.9981. The 1.0039 level has been recast as near-term resistance, with a reversal above that eyeing the 23.6% expansion at 1.0074.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.