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Forex: USD/CAD Technical Analysis – Double Top Set Below 1.06

Forex: USD/CAD Technical Analysis – Double Top Set Below 1.06

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices topped as expected, producing a Double Top at the July closing high (1.0570)
  • Near-term support is in the 1.0343-57 area (61.8% Fib exp., rising trend line)
  • Break lower exposes 10289 (76.4% Fib); near-term resistance at 1.0385 (50% Fib)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Double Top Set Below 1.06

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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