Forex Analysis: USD/CAD Classic Technical Report 12.17.2012

Prices put in a bullish Morning Star candlestick pattern above support at 0.9844, the 50%Fibonacci retracement, hinting a move higher is ahead. Near-term resistance lines up at 0.9894, the 38.2% level. A push above that exposes the 23.6% Fib at 0.9956. Alternatively, a drop below 0.9844 targets the 61.8% Fib at 0.9794.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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