USD/CAD Pulls Back to Test a Completed Double Top

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.

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