USD/CAD Technical Analysis: Selloff Begins as Expected
USD/CAD Technical Analysis– Prices turned lower as expected after completing a bearish Evening Star candlestick pattern. Sellers are now testing support is at 1.0381, the 38.2% Fibonacciretracement, with a break below that targeting the 50% level at 1.0311. Near-term resistance is at 1.0468, the 23.6% Fib.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.