Forex Analysis: USD/CAD Classic Technical Report 11.14.2012

DailyFX

Prices put in a Bullish Engulfing candlestick pattern above rising trend line support set from mid-September and took out initial resistance lines up at 0.9965, the 23.6% Fibonacci expansion. The bulls are now challenging the 38.2% level at 1.0021, with a break above that exposing the 50% Fib at 1.0067. The 0.9965 level has been recast as near-term support, with a break below that aiming for the trend line at 0.9876. Overall positioning continues to favor a move to a measured upside target at 1.0140 after the pair completed an inverse Head and Shoulders bottom on October 19.

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Forex_Analysis_USDCAD_Classic_Technical_Report_11.14.2012_body_Picture_5.png, Forex Analysis: USD/CAD Classic Technical Report 11.14.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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