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Forex Analysis: USD/CAD Classic Technical Report 12.05.2012

By , Currency Strategist
05 December 2012 06:20 GMT

Prices broke below a rising trend line set from the September 14 low, exposing the 38.2% Fibonacci retracement at 0.9894. A break below that exposes the 50% level at 0.9844. Near-term resistance lines up at 0.9956, the 23.6% Fib, a barrier reinforced by the trend line now at 0.9987. A break above that targets the parity figure, followed by the November 16 high at 1.0056.

Forex_Analysis_USDCAD_Classic_Technical_Report_12.05.2012_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 12.05.2012

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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05 December 2012 06:20 GMT