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USD/CAD Technical Analysis: Channel Break Threatened

USD/CAD Technical Analysis: Channel Break Threatened

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis– Prices launched sharply higher from support at the bottom of a falling channel set from late May, with prices now testing through the 50% Fibonacciexpansion at 1.0340 to challenge the 61.8% level at 1.0388. A break above that exposes the 76.4% level at 1.0447. Near-term support is at 1.0292, the 38.2% Fib.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Channel Break Threatened

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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