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USDCAD Classic Technical Report 10.17.2012

USDCAD Classic Technical Report 10.17.2012

2012-10-17 13:33:00
Ilya Spivak, Head Strategist, APAC
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Prices broke resistance at a falling trend line set from the June 4 high to expose the would-be neckline of an inverse Head and Shoulders bottom, now at 0.9862. Confirmation on a daily close above this boundary implies a measured upside target at 1.0145. Trend line resistance-turned-support is now at 0.9818, with a break below that aiming to challenge the 23.6% Fibonacci expansion at 0.9743.

USDCAD_Classic_Technical_Report_10.17.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.17.2012

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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