USD/CAD Technical Analysis– Prices launched higher after showing a bullish Piercing Line candlestick pattern, taking out the 23.6% Fibonacci expansion at 1.0207 to expose the 38.2% level at 1.0284. A further break above that aims for the 50% Fib at 1.0346. The 1.0207 mark has been recast as near-term support.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— 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