USDCAD Classic Technical Report 08.02.2012
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 in the 1.0045-61, marked by the 61.8% Fibonacci retracement and the July 20 low. A break higher initially targets the 50% level at 1.0121. Channel bottom support is now at 0.9988, with a breach 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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