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
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.