USDCAD Classic Technical Report 09.21.2012
Prices put in a Shooting Star candlestick below resistance at the top of a falling channel set from late July (0.9786), hinting a move lower may be ahead. Near-term support is at 0.9632, the September 14 low. Resistance is reinforced by the 23.6% Fibonacci retracement at 0.9824, with a break above that targeting the 38.2% barrier at 0.9943.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.