Forex Analysis: USD/CAD Classic Technical Report 11.16.2012
Prices are turning lower from resistance at 1.0039, the 50% Fibonacci retracement, with sellers eyeing initial rising trend line support at 0.9910. A break below that targets 0.9814. Alternatively, a push above resistance exposes the 61.8% Fib at 1.0135. 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.
Daily Chart - Created Using FXCM Marketscope 2.0
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