USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover below the 1.04 figure, dropping through rising trend line support set from the May 9 low and triggering the stop on our long position for a small loss. Sellers now see support in the 1.0264-81 area, marked by a recently broken rising trend line and the 38.2% Fibonacci retracement. A push below that initially exposes the 50% level at 1.0216. The trend line – now at 1.0397 – has been recast as near-term resistance.
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