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Forex Analysis: USDCAD Targets Parity Level Anew

Forex Analysis: USDCAD Targets Parity Level Anew

2012-11-09 05:20:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

Prices put in a Bullish Engulfing candlestick pattern above rising trend line support set from mid-September and took out initial resistance lines up at 0.9965, the 23.6% Fibonacci expansion. The bulls now aim to challenge the 38.2% level at 1.0021, with a break above that exposing the 50% Fib at 1.0067. The 0.9965 level has been recast as near-term support, with a break below that aiming for the trend line at 0.9876. 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. Risk/reward considerations argue against entering a trade here with prices so close to resistance and we will stand aside for now.

Forex_Analysis_USDCAD_Targets_Parity_Level_Anew_body_Picture_5.png, Forex Analysis: USDCAD Targets Parity Level Anew

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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