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USD/CAD Technical Analysis: Trend Line Resistance at Risk

USD/CAD Technical Analysis: Trend Line Resistance at Risk

Ilya Spivak, Head Strategist, APAC

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.

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

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Trend Line Resistance 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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