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USD/CAD Technical Analysis 05.29.2013

USD/CAD Technical Analysis 05.29.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis– Prices advanced as expected after putting in a bullish Morning Star candlestick pattern. The pair has now cleared resistance at 1.0367, the 50% Fibonacci retracement, exposing the 61.8% level at 1.0451. The 1.0367 level has been recast as near-term support, with a drop back beneath that eyeing the 38.2% Fib at 1.0283. We continue to hold long.

Forex_USDCAD_Technical_Analysis_05.29.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.29.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.