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Forex: USD/CAD Technical Analysis – Loonie Hits 3-Year Low

Forex: USD/CAD Technical Analysis – Loonie Hits 3-Year Low

2013-12-19 13:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices broke resistance at 1.0684 (23.6% Fib exp.), exposing 1.0760 (38.2% Fib exp.)
  • Resistance is reinforced by a channel top at 1.0772; above that eyes 1.0822 (50% Fib)
  • Turning back below 1.0684 exposes 1.0590 (rising channel bottom)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Loonie Hits 3-Year Low

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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