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USD/CAD Technical Analysis: Resistance Now Above 1.04

USD/CAD Technical Analysis: Resistance Now Above 1.04

2013-08-05 09:24:00
Ilya Spivak, Head Strategist, APAC
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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).

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

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Resistance Now Above 1.04

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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