USD/CAD Technical Analysis – Prices recoiled from swing top resistance at 1.0441, sinking back to key support at a rising trend line set from early May (now at 1.0295). This boundary is reinforced by the 38.2% Fibonacci expansion at 1.0305, with a break below that eyeing the 50% level at 1.0263. Near-term resistance is at 1.0359, the 23.6% Fib. A reversal back above that aims for 1.0441 anew.
Confirm your chart-based trade setups with the Technical Analyzer.
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