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Forex Analysis: USD/CAD Classic Technical Report 12.18.2012

Forex Analysis: USD/CAD Classic Technical Report 12.18.2012

Ilya Spivak, Head Strategist, APAC

Prices overturned a bullish Morning Star candlestick pattern identified yesterday and broke support at 0.9844, the 50%Fibonacci retracement. Sellers now aim to challenge falling trend line support 0.9803, a barrier reinforced by the 61.8% Fib at 0.9794. The 0.9844 level as been recast as near-term resistance. A push back above that aim for the channel top at 0.9886.

Forex_Analysis_USDCAD_Classic_Technical_Report_12.18.2012_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 12.18.2012

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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