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Forex: USD/CAD Technical Analysis – Upward Breakout Attempted

Forex: USD/CAD Technical Analysis – Upward Breakout Attempted

2013-08-20 12:16:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis – Prices put in a bullish Three Inside Up candlestick pattern above support at a rising trend line set from early May, hinting a move higher is ahead. Initial resistance is at 1.0356, the 23.6% Fibonacci expansion, with a break higher targeting the 38.2% level at 1.0425. Trend line support is now at 1.0304.

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dailyclassics_usd-cad_body_Picture_8.png, Forex: USD/CAD Technical Analysis – Upward Breakout Attempted

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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