Forex Analysis: USD/CAD Classic Technical Report 12.24.2012
Prices are reversing higher after completing a bullish Piercing Line candlestick pattern. Buyers broke resistance in the 0.9919-24 area, exposing the 38.2%Fibonacci expansionat 0.9986. Alternatively, a reversal back below 0.9919 targets the 14.6% level at 9886.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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