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Forex: USD/CAD Technical Analysis – Trend Line Sparks Bounce

Forex: USD/CAD Technical Analysis – Trend Line Sparks Bounce

2013-10-23 12:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices are bouncing from support at 1.0282 (23.6% Fib, trend line from Sep’12)
  • Initial resistance is at 1.0345 (38.2% Fib); a break higher targets 1.0395 (50% Fib)
  • A reversal beneath support eyes the September 19 low at 1.0181

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

dailyclassics_usd-cad_body_Picture_8.png, Forex: USD/CAD Technical Analysis – Trend Line Sparks Bounce

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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