USDCAD Classic Technical Report 10.18.2012
Prices continue to consolidate below the would-be neckline of an inverse Head and Shoulders bottom, now at 0.9862. This is reinforced by a falling trend line set from the June 4 high at 0.9876. Confirmation on a daily close above the latter level implies a measured upside target at 1.0145. Support lines up at 0.9743, 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9655.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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