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Forex: USD/CAD Technical Analysis – Trend Line Marks Support

Forex: USD/CAD Technical Analysis – Trend Line Marks Support

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are testing support in the 1.0559-82 area (double top, 23.6% Fib ret., trend line)
  • A break downward initially targets 1.0506 (38.2% Fib retracement)
  • Resistance is at 1.0684 (23.6% Fib exp.); above that eyes 1.0760 (38.2% Fib exp.)

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

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Trend Line Marks Support

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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