USD/CAD Technical Analysis– Prices advanced as expected after putting in a bullish Morning Star candlestick pattern above support at a rising trend line set from mid-September 2012. The pair has now cleared major falling trend line resistance connecting tops dating back to October 2011 to expose the 50% Fibonacci retracement at 1.0367. A break above that targets the 61.8% level at 1.0451. Near-term support is at 1.0283, the intersection of the broken trend line and the 38.2% Fib. We are holding long.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.