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. Sellers now see support in the 1.0264-80 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 1.0421 – has been recast as near-term resistance.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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