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USD/CAD Technical Analysis: Resistance Above 1.04 at Risk

USD/CAD Technical Analysis: Resistance Above 1.04 at Risk

2013-08-08 07:08:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis – Prices are testing resistance at 1.0425, the 38.2%Fibonacci expansion, with a break above that targeting the 50% level at 1.0481. Near-term support isat 1.0356, the 23.6% Fib. A push beneath that targets the 14.6% expansion at 1.0313 and a rising trend line connecting major swing lows since early May (now at 1.0291).

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

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