USDCAD Classic Technical Report 08.13.2012
Prices are testing support at 0.9907, the October 27 2011 closing low, after taking out the bottom of a falling channel set from the June 1 high. Continued selling from here targets the March 1 bottom at 0.9854. Channel bottom support-turned-resistance is now at 0.9950, with a push back above that opening the door for a move to the parity threshold.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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