USD/CAD Technical Analysis– Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern below the 1.04 figure. The pair is now mounting a recovery from support at 1.0168, the 61.8% Fibonacci retracement, to test above the 50% level at 1.0216. A confirmed break above that eyes the 38.2% Fib at 1.0264. Alternatively, a move below support exposes the 76.4% level at 1.0109.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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