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Forex Analysis: USD/CAD Classic Technical Report 01.29.2013

By , Currency Strategist
29 January 2013 15:15 GMT

Prices put in a Shooting Star candlestick below resistance at 1.0077, the 61.8% Fibonacci retracement, hinting a move lower is ahead. Initial support is at 1.0026, the 50% Fib, with a break below that exposing the parity figure and the 38.2% mark at 0.9976. Alternatively, a reversal above resistance aims eyes the 76.4% resistance at 1.0138.

Forex_Analysis_USDCAD_Classic_Technical_Report_01.29.2013_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 01.29.2013

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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29 January 2013 15:15 GMT