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USD/CAD Technical Analysis: Direction Sought at 1.02

USD/CAD Technical Analysis: Direction Sought at 1.02

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern below the 1.04 figure. Sellers now challenge support at 1.0168, the 61.8% Fibonacci retracement. A push below that initially exposes the 76.4% level at 1.0109. Near-term resistance is at 1.0216, the 50% Fib, with a move above that targeting the 38.2% retracement at 1.0264.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Direction Sought at 1.02

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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