Forex Analysis: USD/CAD Classic Technical Report 12.11.2012

Prices broke below the 38.2% Fibonacci retracement at 0.9894, exposing the 50% level at 0.9844. A further push below that aims for the 50% Fib at 0.9844. The 0.9894 level has been recast as near-tern resistance, with a break back above that aiming for the 23.6% retracement at 0.9956.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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