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Forex: USD/CAD Technical Analysis – Prices Recoil from 1.02 Mark

Forex: USD/CAD Technical Analysis – Prices Recoil from 1.02 Mark

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 resistance in the 1.0262-73 area (trend line, 23.6% Fib) exposes 1.0329 (38.2% Fib)
  • Near-term support is at 1.0181, the September 19 low

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Prices Recoil from 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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