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Forex Analysis: USD/CAD Probing Back Above 0.99

By , Currency Strategist
04 January 2013 10:23 GMT

Strategy: Flat

Prices are rebounding from support at 0.9844, the 50% Fibonacci retracement. Near-term resistance is at 0.9894, the 38.2% retracement, with a push above that aiming for the December 28 swing high at 0.9969. Alternatively, a reversal below support targets the 61.8% Fib at 0.9794. An actionable trade setup is absent for now and we will stand aside.

Forex_Analysis_USDCAD_Probing_Back_Above_0.99_body_Picture_1.png, Forex Analysis: USD/CAD Probing Back Above 0.99

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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04 January 2013 10:23 GMT