USDCAD Classic Technical Report 08.03.2012
Prices edged higher after putting in a Bullish Engulfing above support marked by the bottom of a falling channel set from the June 1 swing high. Prices are now testing resistance at 1.0065, the 14.6% Fibonacci retracement, with a break higher exposing the 23.6% level at 1.0105. Channel bottom support is now at 0.9983.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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