Forex: USD/CAD Technical Analysis – Candle Warns of Pullback
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USD/CAD Technical Analysis – Prices advanced as expected after putting in a bullish Three Inside Up candlestick pattern. The pair is now showing a Shooting Star candle below resistance at 1.0536, the 61.8% Fibonacci expansion, hinting a pullback may be ahead. Near-term support is at 1.0481, the 50% level, with a break beneath that targeting the 38.2% Fib at 1.0425. Alternatively, a move above resistance eyes the 76.4% expansion at 1.0605.
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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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