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Forex Analysis: USD/CAD Classic Technical Report 01.16.2013

Forex Analysis: USD/CAD Classic Technical Report 01.16.2013

2013-01-16 16:23:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing above resistance at 0.9853, the 50%Fibonacci expansion. A confirmed break above that eyes upside targets at 0.9880 and 0.9914, the 38.2% and 23.6% Fibs respectively. Near-term support is at 0.9826, the 61.8% expansion. A reversal back below that targets the 76.4% level at 0.9792.

Forex_Analysis_USDCAD_Classic_Technical_Report_01.16.2013_body_Picture_1.png, Forex Analysis: USD/CAD Classic Technical Report 01.16.2013

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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