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USD/CAD Technical Analysis: Buyers Reclaim 1.02 Mark

USD/CAD Technical Analysis: Buyers Reclaim 1.02 Mark

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. The pair found support at the bottom of a falling channel and edged back above 1.0168, the 61.8% Fibonacci retracement. The next upside hurdle is at 1.0216, the 50% Fib, with move above that targeting the 38.2% level at 1.0264. Alternatively, a move back below 1.0168 aims to retest the channel bottom at 1.0115.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Buyers Reclaim 1.02 Mark

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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