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Forex Analysis: USD/CAD Classic Technical Report 12.31.2012

Forex Analysis: USD/CAD Classic Technical Report 12.31.2012

Ilya Spivak, Head Strategist, APAC

Prices edged above resistance at 0.9940, the 50% Fibonacci retracement. The bulls now aim to challenge the 61.8% level at 0.9967. The 0.9940 mark has been recast as near-term support, with a reversal back below that aiming for the 38.2% Fib at 0.9913.

Forex_Analysis_USDCAD_Classic_Technical_Report_12.31.2012_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 12.31.2012

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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