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USDCAD Classic Technical Report 10.02.2012

USDCAD Classic Technical Report 10.02.2012

2012-10-02 09:54:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are consolidating below resistance at 0.9861, the 38.2% Fibonacci retracement level. Initial support lines up at 0.9774, the 23.6% level, with a break below that exposing the top of a falling channel set from late July (now at 0.9713). Alternatively, a reversal through resistance targets the 50% Fib at 0.9932, a barrier reinforced by a falling trend line set from the June 4 high.

USDCAD_Classic_Technical_Report_10.02.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.02.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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