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Forex: USD/CAD Technical Analysis – Bulls Try to Expose 1.05

Forex: USD/CAD Technical Analysis – Bulls Try to Expose 1.05

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis – Prices advanced as expected after putting in a bullish Three Inside Up candlestick pattern. Resistance at 1.0481, the 50% Fibonacci expansion, is now in focus. A break above that exposes the 61.8% level at 1.0536. Near-term support is at 1.0425, the 38.2% Fib, followed by the 23.6% expansion at 1.0356.

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Bulls Try to Expose 1.05

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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