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USD/CAD Technical Analysis 05.24.2013

USD/CAD Technical Analysis 05.24.2013

Ilya Spivak, Head Strategist, APAC

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 has now cleared major falling trend line resistance connecting tops dating back to October 2011 to expose the 50% Fibonacci retracement at 1.0367. A break above that targets the 61.8% level at 1.0451. Near-term support is at 1.0283, the intersection of the broken trend line and the 38.2% Fib. We have entered long.

Forex_USDCAD_Technical_Analysis_05.24.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.24.2013

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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