USDCAD Classic Technical Report 08.20.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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