USDCAD Classic Technical Report 08.07.2012
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 and the 61.8% Fibonacci expansion. 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. Alternatively, a push through support targets the 76.4% Fib at 0.9937.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com