Forex Analysis: USD/CAD Classic Technical Report 11.23.2012
Prices pulled back as expected after putting in a Shooting Star candlestick below resistance at 1.0039, the 50% Fibonacci retracement. Initial rising trend line support lines up at 0.9941, with a break below that that initially exposing 0.9883. 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
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.