USDCAD Classic Technical Report 10.10.2012

Prices put in a Bearish Engulfing candlestick pattern below resistance at a falling trend line set from the June 4 high, hinting a move lower is ahead. Initial support lines up at 0.9743, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9654. Trend line resistance is now at 0.9850.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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