USD/CAD Technical Analysis– Prices are correcting lower from resistance at 1.0284, the 38.2% Fibonacci expansion, to retest the top of a formerly broken falling channel at 1.0173. A move beneath that exposes the April 11 low at 1.0082. Alternatively, a reversal above resistance aims for the 50% Fib at 1.0346.
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