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USDCAD Classic Technical Report 08.03.2012

USDCAD Classic Technical Report 08.03.2012

2012-08-03 09:49:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Classic_Technical_Report_08.03.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.03.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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