Forex Technical Update

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USD/CAD Chart 1H 6/14/2012 11:15AM EDT



The USD/CAD pushed above 1.03 but failed to hold above and fell to recent support near 1.0240. Price action is threatening this level, which would open up the a common support level near 1.02. If there is a pullback that fails to break above 1.0266, the bearish outlook remains in the short-term toward 1.02.

Below 1.02, the market opens USD/CAD toward a support pivot at 1.0150 in the short-term.

To the upside, the short-term outlook with a break back above 1.0266 is the 1.03 handle, then 1.0350 resistance pivot.

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Fan Yang CMT is a trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.