News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USDCAD Classic Technical Report 10.16.2012

USDCAD Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to tread water below resistance at a falling trend line set from the June 4 high, now at 0.9824. Overall positioning hints an inverse Head and Shoulders bottom may be in the works, with confirmation to be seen on a daily close above the formation’s would-be neckline at 0.9866. Such an outcome would imply a measured upside target at 1.0149. Initial support lines up at 0.9743, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9654.

USDCAD_Classic_Technical_Report_10.16.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.16.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE.

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.