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Forex: USD/CAD Technical Analysis – 4-Month Support Broken

Forex: USD/CAD Technical Analysis – 4-Month Support Broken

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)
  • A break below rising trend line support set from May has exposed 1.0343 (61.8% Fib exp.)
  • Break lower eyes 10289 (76.4% Fib); resistance in the 1.0360-85 area (trend line, 50% Fib)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – 4-Month Support Broken

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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