Forex Analysis: USD/CAD Classic Technical Report 12.21.2012

Prices are reversing higher after completing a bullish Piercing Line candlestick pattern. Buyers are testing above resistance at 0.9886, the 14.6% Fibonacci expansion, exposing the next upside barrier in the 0.9919-24 area. A break beyond that targets the 38.2% level at 0.9986. Rising channel top resistance-turned-support is at 0.9866.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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