News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex Analysis: USDCAD Classic Technical Report 10.29.2012

Forex Analysis: USDCAD Classic Technical Report 10.29.2012

Ilya Spivak, Head Strategist, APAC

Prices completed an inverse Head and Shoulders bottom chart formation, 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 have now taken out resistance at 0.9943, the 38.2% Fibonacci retracement, exposing the 50% level at 1.0039. The 0.9943 level has been recast as support, with a drop back below that targeting resistance-turned-support in the 0.9826-47 area.

Forex_Analysis_USDCAD_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: USDCAD Classic Technical Report 10.29.2012

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

DISCLOSURES