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USD/CAD Technical Analysis: 3-Month Trend Line at Risk

USD/CAD Technical Analysis: 3-Month Trend Line at Risk

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis – Prices broke support at the 1.03 figure, the 50% Fibonacci expansion. Sellers now challenge the 1.0266-72 area marked by a rising trend line set from early May and the 61.8% Fib. A break below that exposes the 76.4% expansion at 1.0225. The 1.03 level has been recast as near-term resistance, with a reversal back above that eyeing the 38.2% barrier at 1.0333.

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

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: 3-Month Trend Line at Risk

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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