Forex Analysis: USD/CAD Classic Technical Report 11.21.2012

DailyFX

Prices are edging lower as expected after putting in a Shooting Star candlestick below resistance at 1.0039, the 50% Fibonacci retracement. Initial rising trend line support lines up at 0.9926, with a break below that that initially exposing 0.9883. Alternatively, a push above resistance exposes the 61.8% Fib at 1.0135. 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_11.21.2012_body_Picture_5.png, Forex Analysis: USD/CAD Classic Technical Report 11.21.2012

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

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