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Forex: USD/CAD Technical Analysis – Eyeing Support Below 1.05

Forex: USD/CAD Technical Analysis – Eyeing Support Below 1.05

Ilya Spivak, Head Strategist, APAC

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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. 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.

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Eyeing Support Below 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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