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USDCAD Classic Technical Report 10.04.2012  Join our daily free Newsletter

MENAFN - DailyFX - 04/10/2012

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Prices took out resistance at 0.9861, the 38.2% Fibonacci retracement level. The bulls now aim to challenge the 50% level at 0.9932, a barrier reinforced by a falling trend line set from the June 4 high. A break above that targets the psychologically significant parity figure. The 0.9861 level has been recast as support, with a drop back below that targeting the 23.6% Fib at 0.9774.

USDCAD_Classic_Technical_Report_10.04.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.04.2012

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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