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President Trump formally announces beginning of process to terminate Hong Kong's special treatment status. Announces US will terminate relationship with the World Health Organization.

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USDCAD: Prices Hint at Bottom in the Works

USDCAD: Prices Hint at Bottom in the Works

2012-10-19 08:24:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices continue to consolidate below the would-be neckline of an inverse Head and Shoulders bottom, now at 0.9860. This is reinforced by a falling trend line set from the June 4 high at 0.9870. Confirmation on a daily close above the latter level implies a measured upside target at 1.0143. Support lines up at 0.9743, 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9655. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.

USDCAD_Prices_Hint_at_Bottom_in_the_Works_body_Picture_5.png, USDCAD: Prices Hint at Bottom in the Works

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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