USD/CAD Technical Analysis 05.22.2013
USD/CAD Technical Analysis– Prices advanced as expected after putting in a bullish Morning Star candlestick pattern above support at a rising trend line set from mid-September 2012. The pair is now testing resistance at 1.0276, the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 1.0338. Near-term support is at 1.0214, the 38.2% Fib.
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.