USD/CAD Technical Analysis– Prices turned lower as expected after completing a bearish Evening Star candlestick pattern. The pair found interim support above the 1.03 figure and corrected cautiously higher eyeing resistance in the 1.0408-46 area, a region marked by the major June 2012 swing top. A break above this initially aims for the 38.2% Fibonacciexpansion at 1.0505. Near-term support is at 1.0325, the July 11 low, followed by the 1.03 figure and a rising trend line at 1.0237.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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