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Forex Analysis: USD/CAD Classic Technical Report 12.19.2012

Forex Analysis: USD/CAD Classic Technical Report 12.19.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at 0.9880, the 23.6% Fibonacci retracement. This barrier is reinforced by the top of a falling channel set from the mid-November top. A break above this barrier exposes the 38.2% Fib at 0.9913. Support is at 0.9825, with a reversal below that aiming for the channel bottom at 0.9796.

Forex_Analysis_USDCAD_Classic_Technical_Report_12.19.2012_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 12.19.2012

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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