Forex Analysis: USD/CAD Classic Technical Report 12.19.2012

Prices are testing resistance at 0.9880, the 23.6% Fibonacci retracement. This barrier is reinforced by the top of a falling channel set from the mid-November top. A break above this barrier exposes the 38.2% Fib at 0.9913. Support is at 0.9825, with a reversal below that aiming for the channel bottom at 0.9796.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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