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Forex Analysis: USD/CAD Classic Technical Report 11.15.2012

Ilya Spivak

Prices are testing back below the 38.2%Fibonacci expansion 1.0021, with a break lower exposing the 23.6% level at 0.9965. A drop beneath that targets a rising trend line set from mid-September, now at 0.9903. Near-term resistance is at 1.0066, the 50% Fib, with a push above that targeting the 61.8% expansion at 1.0113. 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.

Forex_Analysis_USDCAD_Classic_Technical_Report_11.15.2012_body_Picture_5.png, Forex Analysis: USD/CAD Classic Technical Report 11.15.2012

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

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