Forex: USD/CAD Technical Analysis – Resistance Seen Above 1.04
USD/CAD Technical Analysis – Prices advanced as expected after putting in a bullish Three Inside Up candlestick pattern. Resistance at 1.0425, the 38.2% Fibonacci expansion, is now in focus. A break above that exposes the 50% level at 1.0481. Near-term support is at 1.0356, the 23.6% Fib, followed by a rising trend line set from early May (now at 1.0305).
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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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