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USDCAD Classic Technical Report 07.31.2012

USDCAD Classic Technical Report 07.31.2012

Ilya Spivak, Head Strategist, APAC

Prices put in an Inverted Hammer candlestick at the bottom of a falling channel set from the June 1 high, pointing to indecision and hinting a move higher may be ahead. Initial resistance lines up in the 1.0046-51 area, with a break above that exposing 1.0101. Alternatively, a push through channel support initially targets the 76.4% Fibonacci retracement at 0.9952.

USDCAD_Classic_Technical_Report_07.31.2012_body_Picture_5.png, USDCAD Classic Technical Report 07.31.2012

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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