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Talking Points

  • Prices are testing below support at 1.0328 (23.6% Fib expansion)
  • Break lower initially targets 1.0271 (38.2% Fib, trend line from Sep 2012)
  • Near-term resistance is at 1.0419, the October 10 swing high
Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-cad_body_usdcad.png, Forex: USD/CAD Technical Analysis – Bulls Rejected at 1.04Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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