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USDCAD Classic Technical Report 08.22.2012

USDCAD Classic Technical Report 08.22.2012

2012-08-22 08:10:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing resistance in the 0.9907-12 area, marked by the October 27 2011 close and the underside of a falling channel set from early June, after putting in a bullish Piercing Line candlestick pattern above support at 0.9854 (the March 1 bottom). A break higher initially exposes the parity level. Alternatively, a push through support exposes the April 27 close at 0.9801.

USDCAD_Classic_Technical_Report_08.22.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.22.2012

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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