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USDCAD Classic Technical Report 08.20.2012

USDCAD Classic Technical Report 08.20.2012

2012-08-20 08:27:00
Ilya Spivak, Head Strategist, APAC
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Prices put in a bullish Piercing Line candlestick pattern above support at 0.9854, the March 1 bottom, hinting an upswing may be ahead. Initial resistance lines up at 0.9907, the October 27 2011 close, with a break above that exposing the underside of a falling channel set from early June (now at 0.9922). Alternatively, a push below support targets the April 27 close at 0.9801.

USDCAD_Classic_Technical_Report_08.20.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.20.2012

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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