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USDCAD Classic Technical Report 08.10.2012

USDCAD Classic Technical Report 08.10.2012

2012-08-10 04:31:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Classic_Technical_Report_08.10.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.10.2012

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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