USD/CAD Technical Analysis: 3-Month Support at Risk Again
USD/CAD Technical Analysis – Prices are testing support at a rising trend line set from early May (now at 1.0282), a barrier reinforced by the 76.4% Fibonacci retracement at 1.0248. A break below the latter level exposes the June 14 low at 1.0136. Trend line resistance is now at 1.0291, followed by the 61.8% Fib at 1.0317.
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 email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE