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USDCAD Classic Technical Report 07.16.2012

USDCAD Classic Technical Report 07.16.2012

2012-07-16 11:07:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing support at 1.0119, with a break lower exposing the bottom of a falling channel set from early June now at 1.0073. Near-term resistance lines up at 1.0161. A break below this boundary initially targets 1.0235, followed by the channel top now at 1.0279.

USDCAD_Classic_Technical_Report_07.16.2012_body_Picture_5.png, USDCAD Classic Technical Report 07.16.2012

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

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

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