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USD/CAD Technical Analysis 05.31.2013

USD/CAD Technical Analysis 05.31.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover below the 1.04 figure, dropping through rising trend line support set from the May 9 low and triggering the stop on our long position for a small loss. Sellers now see support in the 1.0264-81 area, marked by a recently broken rising trend line and the 38.2% Fibonacci retracement. A push below that initially exposes the 50% level at 1.0216. The trend line – now at 1.0397 – has been recast as near-term resistance.

Forex_USDCAD_Technical_Analysis_05.31.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.31.2013

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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