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Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

2013-09-19 12:59:00
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 a rising trend line set from Sep 2012 and the 38.2% Fib exposes 1.0120 (50% Fib)
  • The 38.2% Fib (1.0236) has been recast as near-term resistance

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

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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