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USDCAD Classic Technical Analysis Report 10.23.2012

USDCAD Classic Technical Analysis Report 10.23.2012

2012-10-23 10:27:00
Ilya Spivak, Head Strategist, APAC
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Prices completed an inverse Head and Shoulders bottom chart formation with a break above the setup’s neckline, implying a measured upside target at 1.0140. The move likewise cleared resistance at a falling trend line set from the June 4 swing high, reinforcing the case for an upside scenario. Buyers are now testing initial resistance at 0.9943, the 38.2% Fibonacci retracement, with a break higher exposing the 50% level at 1.0039. Trend line resistance-turned-support is at 0.9854.

USDCAD_Classic_Technical_Analysis_Report_10.23.2012_body_Picture_5.png, USDCAD Classic Technical Analysis Report 10.23.2012

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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