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Forex: USD/CAD Technical Analysis – Momentum Still Absent

Forex: USD/CAD Technical Analysis – Momentum Still Absent

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are struggling to rally after putting in a bullish Three Inside Up candle pattern
  • A close above 1.0345 (38.2% Fib) would initially expose 1.0395 (50% Fib)
  • Reversing below support at 1.0282 (23.6% Fib) targets 1.0252 (trend line from Sep 2012)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Momentum Still Absent

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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