USDCAD Classic Technical Report 08.08.2012

DailyFX

Prices slipped below the parity figure and the 61.8% Fibonacci expansion to test the bottom of a falling channel carved out over the past two months, now at 0.9960. A break below this boundary targets the 76.4% Fib at 0.9937. The 61.8% expansion at 0.9993 has been recast as resistance, with a break above that exposing 1.0070.

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USDCAD_Classic_Technical_Report_08.08.2012_body_Picture_5.png, USDCAD Classic Technical Report 08.08.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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