USD/CAD Technical Analysis: Resistance Now Above 1.04
USD/CAD Technical Analysis – Prices broke above resistance at 1.0356, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1.0425. The 1.0356 level has been recast as near-term support, with a reversal back below that eyeing a rising trend line connecting major swing lows since early May (now at 1.0279).
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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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