USDCAD Classic Technical Report 08.01.2012
Prices put in a Bullish Engulfing candlestick pattern at the bottom of a falling channel set from the June 1 high, hinting a move higher may be ahead. Initial resistance lines up at 1.0045, marked by the 61.8% Fibonacci retracement, with a break higher targeting 1.0121 at the 50% level. Channel bottom support is now at 0.9993, with a break downward targeting the 76.4% Fib at 0.9952.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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