USDCAD Classic Technical Report 08.28.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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