Forex Technical Update
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.
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.
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