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Forex: USD/CAD Technical Analysis – Sellers Aim Below 1.03

Forex: USD/CAD Technical Analysis – Sellers Aim Below 1.03

2013-09-12 11:30:00
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 of trend line support set from May and the 61.8% Fib exposes 1.0289 (76.4% Fib)
  • Piercing that eyes a longer term trend line (1.0248); resistance is at the 1.0343 (61.8% Fib)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Sellers Aim Below 1.03

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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