USD/CAD Technical Analysis: July Swing Low Challenged
USD/CAD Technical Analysis – Prices are drifting lower toward the July 11 low at 1.0325, with a break below that targeting a rising trend line set from mid-May, now at 1.0262. Near-term resistance is at 1.0436, the 23.6% Fibonacci expansion. A reversal above that targets the 38.2% level at 1.0505.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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