There is a lot of technical data to observe in this chart. Notice the inverse head and shouldersssss :-) (sixth one in progress). In other words, there are multiple tests and rejections of price movement as it approaches the 1.0250 level (neckline). So this obvious resistance is one to watch for a break and sustained move above 1.0250. You also have a parallel channel that price action is respecting in its most recent waves of highs and lows. Price is making higher highs and lower lows which is a good sign of going higher after Friday's close lower. Fib. Retracement target levels: 61.8% @ 1.0364 then 76.4% @ 1.0480 of Oct. 4, 2011 high @ 1.06569. Should we break lower out of the channel, 1.0055 will become the gateway to 168% Fib. Extension target @ 0.9980Saturday, November 12, 2011
$USDCAD RANGE TRADES ALL WEEK
There is a lot of technical data to observe in this chart. Notice the inverse head and shouldersssss :-) (sixth one in progress). In other words, there are multiple tests and rejections of price movement as it approaches the 1.0250 level (neckline). So this obvious resistance is one to watch for a break and sustained move above 1.0250. You also have a parallel channel that price action is respecting in its most recent waves of highs and lows. Price is making higher highs and lower lows which is a good sign of going higher after Friday's close lower. Fib. Retracement target levels: 61.8% @ 1.0364 then 76.4% @ 1.0480 of Oct. 4, 2011 high @ 1.06569. Should we break lower out of the channel, 1.0055 will become the gateway to 168% Fib. Extension target @ 0.9980
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