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USDCAD Classic Technical Report 09.20.2012

USDCAD Classic Technical Report 09.20.2012

2012-09-20 08:37:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are testing above resistance at 0.9751, the 14.6% Fibonacci retracement, to challenge the top of a falling channel set from late July (0.9797). Resistance is reinforced by the 23.6% Fib at 0.9824. A break above the latter boundary targets the 38.2% barrier at 0.9943. Near-term support is at 0.9632.

USDCAD_Classic_Technical_Report_09.20.2012_body_usdcad.png, USDCAD Classic Technical Report 09.20.2012

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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