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USD/CAD Technical Analysis: Critical Channel Bottom Met

USD/CAD Technical Analysis: Critical Channel Bottom Met

2013-07-23 10:18:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis – Prices are testing support in the 1.0307-25 area marked by the bottom of a rising channel set from early May and the July 11 low. A break below that targets the 76.4% Fibonacci retracement at 1.0248. Near-term resistance is at 1.0436, the 23.6% Fib expansion, followed by the 38.2% mark at 1.0505.

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

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Critical Channel Bottom Met

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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