USD/CAD Technical Analysis– Prices put in a Spinning Top candlestick below resistance at 1.0530, the 50% Fibonacciexpansion, pointing to indecision and hinting a turn lower may be ahead. Near-term support is at 1.0437, the 38.2% level, with a break beneath that targeting the 23.6% Fib at 1.0322. Alternatively, a break above resistance aims for the 61.8% expansion at 1.0623.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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