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Forex Analysis: USDCAD Classic Technical Report 10.31.2012

Forex Analysis: USDCAD Classic Technical Report 10.31.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to edge higher after taking out resistance at 0.9943, the 38.2% Fibonacci retracement, with buyers clearing the parity barrier to expose the 50% level at 1.0039.The 0.9943 level has been recast as support, with a drop back below that targeting the 0.9813-40 area. Overall positioning continues to favor a move to a measured upside target at 1.0140 after the pair completed an inverse Head and Shoulders bottom on October 19.

Forex_Analysis_USDCAD_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: USDCAD Classic Technical Report 10.31.2012

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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