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USDCAD Classic Technical Report 08.28.2012

USDCAD Classic Technical Report 08.28.2012

Ilya Spivak, Head Strategist, APAC

USDCAD pushed higher as expected after putting in a bullish Piercing Line candlestick pattern above support at 0.9854, the March 1 bottom, taking out resistance at the underside of a falling channel set from early June. Prices are now retesting the channel bottom (0.9894) as support with a break back below that exposing 0.9854 anew. The next layer of resistance lines up at 0.9983 at the 23.6% Fibonacci retracement, a barrier reinforced by the psychologically significant parity figure.

USDCAD_Classic_Technical_Report_08.28.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.28.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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