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USD/CAD Technical Analysis: Buyers Test Resistance Again

USD/CAD Technical Analysis: Buyers Test Resistance Again

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis– Prices are testing resistance at 1.0436, the 23.6% Fibonacci expansion, having found support above the 1.03 figure. A break higher initially targets the 38.2% level at 1.0505. Near-term support is at 1.0325, the July 11 low, with a reversal beneath that eyeing a rising a trend line at 1.0252.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Buyers Test Resistance Again

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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