USDCAD Classic Technical Report 08.10.2012
Prices broke through support at the bottom of a falling channel set from the June 1 high, pointing to bearish acceleration. Initial support lines up at 0.9907, the October 27 2011 closing low, with a break below that exposing the March 1 bottom at 0.9854. Channel bottom support-turned-resistance is now at 0.9956, with a push back above that targeting the parity threshold.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.