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.
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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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