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USD/CAD Technical Analysis: July Swing Low Challenged

USD/CAD Technical Analysis: July Swing Low Challenged

2013-07-22 10:05:00
Ilya Spivak, Head Strategist, APAC
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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.

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

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: July Swing Low Challenged

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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