Forex Technical Update
USD/CAD 4H chart 2/13/20137:21AM EST
Double Top: The 1H USD/CAD chart shows a completed double top that formed under the 1.0085 level, and had a base support at 1.0039. This double top opened up the previous resistance pivot at 0.9993, but has so far pulled back before reaching parity. It is back to test the bottom of the double top. If this market can hold under 1.0060, where I believe lies the central pivot, I think there is respect for the topping formation, suggesting the push toward parity, 200-hour SMA, or the 0.9993 pivot.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex 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.
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