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Forex: USD/CAD Technical Analysis – Candle Hints at Weakness

Forex: USD/CAD Technical Analysis – Candle Hints at Weakness

2013-10-29 07:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Hanging Man candle below trend line support-turned resistance hints at a turn lower
  • Initial support is at 1.0394 (23.6% Fib); below that targets 1.0353 (38.2% Fib)
  • Resistance is now in the 1.0460-64 area (trend line, October 25 swing high)

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

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Candle Hints at Weakness

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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