USD/CAD Technical Analysis: Rebound Hinted at Trend Line
USD/CAD Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support at rising trend line set from early May, hinting a recovery is ahead. A break above falling trend line resistance set from the July 5 high (1.0309) confirms reversal and exposes the 23.6% Fibonacci retracement at 1.0343. Trend line support is now at 1.0275.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.