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USDCAD Classic Technical Report 07.12.2012

USDCAD Classic Technical Report 07.12.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to consolidate above support at 1.0181, the 23.6% Fibonacci retracement. Near-term resistance lines up at 1.0232, the 38.2% Fib, with a breach above that exposing the 50% level at 1.0273. Alternatively, a turn below support targets the 14.6% level at 1.0150.

USDCAD_Classic_Technical_Report_07.12.2012_body_Picture_5.png, USDCAD Classic Technical Report 07.12.2012

8hr 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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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