USD/CAD Technical Analysis: Trend Line Resistance at Risk
USD/CAD Technical Analysis – Prices are testing above resistance at a falling trend line set from the July 5 high (now at 1.0263), with a break higher on a daily closing basis initially exposing the 61.8% Fibonacci retracement at 1.0317. Near-term support is at 1.0248, the 76.4% level, with a reversal beneath that eyeing the June 14 low at 1.0136.
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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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