USDCAD Classic Technical Report 08.08.2012
Prices slipped below the parity figure and the 61.8% Fibonacci expansion to test the bottom of a falling channel carved out over the past two months, now at 0.9960. A break below this boundary targets the 76.4% Fib at 0.9937. The 61.8% expansion at 0.9993 has been recast as resistance, with a break above that exposing 1.0070.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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