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, with a reversal below that eyeing channel resistance-turned-support at 1.0174.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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