USDCAD Classic Technical Report 07.11.2012
Prices took out resistance at 1.0207 to challenge the 38.2% Fibonacci retracement at 1.0232. A break above this boundary exposes the 50% retracement at 1.0273. The 1.0207 level has been recast as near-term support, with a push back below that exposing the 23.6% level at 1.0181.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.