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USDCAD Classic Technical Report 08.06.2012

USDCAD Classic Technical Report 08.06.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing critical psychological support at the parity figure, a level reinforced by the bottom of a falling channel carved out over the past two months. Early signs of positive RSI divergence hint a bounce may be ahead. Near-term resistance lines up at 1.0070, with a break above that exposing 1.0119.

USDCAD_Classic_Technical_Report_08.06.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.06.2012

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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USD/CAD
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