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Forex: USD/CAD Technical Analysis – Testing Key Channel Bottom

Forex: USD/CAD Technical Analysis – Testing Key Channel Bottom

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices reversed from resistance in the 1.0706-26 area (Dec 4 high, 38.2% Fib exp.)
  • Breaking below 1.0597 (channel bottom) exposes 1.0570 (former double top)
  • Reversing above resistance aims for 1.0778 (50% Fib expansion)

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

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Testing Key Channel Bottom

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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