Forex: USD/CAD Technical Analysis – Support Sub-1.05 in Focus
To receive Ilya's analysis directly via email, please SIGN UP HERE
USD/CAD Technical Analysis – Prices pulled back as expected after putting in a Shooting Star candlestick below resistance at 1.0542, the 50% Fibonacci expansion, hinting a pullback may be ahead. Near-term support is at 1.0472, the 38.2% level, with a break beneath that targeting the 23.6% Fib at 1.0385. Alternatively, a move above 1.0542 eyes the 61.8% expansion at 1.0613.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.