Forex Analysis: USD/CAD Classic Technical Report 01.30.2013

Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at 1.0077, the 61.8% Fibonacci retracement, breaking initial support at the 50% level (1.0026). Sellers now target the 38.2% mark at 0.9976. The 1.0026 level has been recast as near-term resistance.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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