Forex Analysis: USDCAD Classic Technical Report 11.07.2012

Prices took out support at 0.9943, the 38.2% Fibonacci retracement, aiming to retest former resistance at 0.9830. A break below that targets 0.9782. The 0.9943 level has been recast as an upside barrier. A push back above that targets the 50% Fib at 1.0039. 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.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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