Forex Analysis: USDCAD Probing Back Above 0.99
Strategy: Flat
Prices are rebounding from support at 0.9844, the 50% Fibonacci retracement. Near-term resistance is at 0.9894, the 38.2% retracement, with a push above that aiming for the December 28 swing high at 0.9969. Alternatively, a reversal below support targets the 61.8% Fib at 0.9794. An actionable trade setup is absent for now and we will stand aside.
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
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New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Prices are rebounding from support at 0.9844, the 50% Fibonacci retracement. Near-term resistance is at 0.9894, the 38.2% retracement, with a push above that aiming for the December 28 swing high at 0.9969. Alternatively, a reversal below support targets the 61.8% Fib at 0.9794. An actionable trade setup is absent for now and we will stand aside.
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
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