Forex Analysis: USD/CAD Classic Technical Report 11.19.2012

Prices put in a Shooting Star candlestick below resistance at 1.0039, the 50% Fibonacci retracement, hinting a move lower is ahead. Initial rising trend line support lines up at 0.9914, 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.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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