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Forex: USD/CAD Technical Analysis – Sellers Try to Expose 1.05

Forex: USD/CAD Technical Analysis – Sellers Try to Expose 1.05

2013-12-12 09:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Dark Cloud Cover candle pattern has been followed by a turn lower, as expected
  • Breaking below the 1.0570-82 area (double top, 23.6% Fib) eyes 1.0506 (38.2% Fib)
  • Near-term resistance is at 1.0706, the December 4 swing high

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

dailyclassics_usd-cad_body_Picture_11.png, Forex: USD/CAD Technical Analysis – Sellers Try to Expose 1.05

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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