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Forex Analysis: USD/CAD Classic Technical Report 11.23.2012

By , Currency Strategist
23 November 2012 07:51 GMT

Prices pulled back as expected after putting in a Shooting Star candlestick below resistance at 1.0039, the 50% Fibonacci retracement. Initial rising trend line support lines up at 0.9941, with a break below that that initially exposing 0.9883. Alternatively, a push above resistance exposes the 61.8% Fib at 1.0135. Overall positioning continues to favor a move to a measured upside target at 1.0140 after the pair completed an inverse Head and Shoulders bottom on October 19.

Forex_Analysis_USDCAD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 11.23.2012

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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23 November 2012 07:51 GMT