The 100 & 200 dma’s are at 1.0868 & 1.0863 respectively and although we went through both on the data we’re back above now. Just below that we have the 38.2 fib of the 1.0629/1.0985 swing at 1.0849.
USD/CAD Daily chart 15 08 2014
Since the break below support at 1.0900 has become resistance we need to look for a decent support point and there’s enough around here to keep intraday traders happy. Apart from the 55 dma meeting the 50.0 fib, the next strong support level is around 1.0760/70
