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.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.