USDCAD Classic Technical Report 08.21.2012
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 0.9907-17 area, marked by the October 27 2011 close and the underside of a falling channel set from early June, with a break higher targeting 0.9947. Alternatively, a push below support exposes the April 27 close at 0.9801.
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