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USDCAD Classic Technical Report 10.19.2012

USDCAD Classic Technical Report 10.19.2012

2012-10-19 09:54:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Classic_Technical_Report_10.19.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.19.2012

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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