USDCAD Classic Technical Report 10.17.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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