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USDCAD Classic Technical Report 07.20.2012

USDCAD Classic Technical Report 07.20.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support at a falling trend line that has capped the downside since early June, a barrier reinforced in the 1.0047-50 area marked by a former resistance level and the 61.8% Fibonacci retracement. A break lower initially exposes the 0.9953-76 region. Near-term resistance lines up in the 1.0115-23 area, with a break above that targeting trend line resistance now at 1.0197.

USDCAD_Classic_Technical_Report_07.20.2012_body_Picture_5.png, USDCAD Classic Technical Report 07.20.2012

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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