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Forex: USD/CAD Technical Analysis – A Top in Place Sub-1.07?

Forex: USD/CAD Technical Analysis – A Top in Place Sub-1.07?

2013-12-09 09:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Dark Cloud Cover candle pattern hints a reversal lower may be ahead
  • Breaking below 1.0629 (14.6% Fib) exposes the 1.0570-82 area (double top, 23.6% Fib)
  • Near-term resistance is at 1.0706, the December 4 swing high

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dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – A Top in Place Sub-1.07?

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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