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USD/CAD Technical Analysis 05.09.2013

USD/CAD Technical Analysis 05.09.2013

2013-05-09 10:41:00
Ilya Spivak, Head Strategist, APAC
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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.

Forex_USDCAD_Technical_Analysis_05.09.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.09.2013

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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