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Forex Analysis: USDCAD Classic Technical Report 11.08.2012

Forex Analysis: USDCAD Classic Technical Report 11.08.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bullish Engulfing candlestick pattern above rising trend line support set from mid-September (now at 0.9871), hinting a move higher is ahead. Initial resistance lines up at 0.9965, the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1.0021. 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_11.08.2012_body_Picture_5.png, Forex Analysis: USDCAD Classic Technical Report 11.08.2012

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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