USDCAD Classic Technical Report 08.16.2012

Prices breached support at 0.9907, the October 27 2011 closing low, after taking out the bottom of a falling channel set from the June 1 high. Sellers now aim to challenge the March 1 bottom at 0.9854, with a break below that exposing the April 27 close at 0.9801. The 0.9907 level has been recast as resistance, with a ush back above that seeing channel bottom resistance at 0.9932.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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