USD/CAD Technical Strategy: Flat
Prices turned lower as expected after completing a bearish Evening Star candlestick pattern. Sellers have now cleared support at 1.0381, the 38.2% Fibonacciretracement, exposing the 50% level at 1.0311. A further push beneath that eyes the 61.8% Fib at 1.0240. The 1.0381 mark has been recast as near-term resistance, with a move back above that eyeing the 23.6% retracement at 1.0468. Risk/reward considerations argue against a trade at current levels and we will opt to remain flat for now.
Daily Chart – Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed