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USD/CAD Technical Analysis: Next Leg Higher Ahead?

USD/CAD Technical Analysis: Next Leg Higher Ahead?

2013-08-01 11:23:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis – Prices broke resistance at a falling trend line set from the July 5 swing top, hinting a move higher is ahead. Near-term resistance is at 1.0356, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 1.0425. Rising trend line support is at 1.0265, followed by swing lows at 1.0245 and 1.0136.

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dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Next Leg Higher Ahead?

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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