USD/CAD Classic Technical Report 07.04.2012

By Ilya Spivak | DailyFX – Wed 4 Jul, 2012 8:14 AM IST

Prices put in a Bullish Engulfing candlestick pattern at support marked by the 50% Fibonacci retracement (1.0122), hinting an upswing is ahead. Initial resistance lines up at 1.0158, with a break above that targeting the 38.2% level at 1.0199. Alternatively, renewed selling through support exposes the 1.0046-62 area.

USDCAD_Classic_Technical_Report_07.04.2012_body_Picture_5.png, USD/CAD Classic Technical Report 07.04.2012

4hr 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

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