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

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

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)
  • Support at 1.0293 (23.6% Fib expansion) is in focus; break lower targets 1.0254 (38.2% Fib)
  • Trend line support-turned-resistance set from early May is at 1.0371

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Sellers Test 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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