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USDCAD Classic Technical Report 08.23.2012

USDCAD Classic Technical Report 08.23.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at the underside of a falling channel set from early June (0.9908) 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_08.23.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.23.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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