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USD/CAD Technical Analysis 06.05.2013

USD/CAD Technical Analysis 06.05.2013

2013-06-05 10:06:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover below the 1.04 figure. Sellers now aim to challenge support at 1.0264, marked by a recently broken falling trend line and the 38.2% Fibonacci retracement. A push below that initially exposes the 50% level at 1.0216. Major resistance stands at 1.0420, the May 29 high.

Forex_USDCAD_Technical_Analysis_06.05.2013_body_Picture_5.png, USD/CAD Technical Analysis 06.05.2013

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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