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FOREX ANALYSIS: USDCAD Classic Technical Report 10.25.2012

FOREX ANALYSIS: USDCAD Classic Technical Report 10.25.2012

Ilya Spivak, Head Strategist, APAC

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 0.9837.

FOREX_ANALYSIS_USDCAD_Classic_Technical_Report_10.25.2012_body_Picture_5.png, FOREX ANALYSIS: USDCAD Classic Technical Report 10.25.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.