USD/CAD Currency Pair Adhering To Uptrend Support

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USD/CAD Currency Pair Adhering To Uptrend Support

By James Chen on February 25, 2009 | More Posts By James Chen | Author's Website

Consolidating price action on USD/CAD, a daily chart of which is shown, has been adhering closely to a key uptrend support line extending from the swing low in late September. Moderately bearish within the last week or so, this pair has stalled at uptrend support, but may go on eventually to make a bonafide breakdown of this line. In this event, strong support to the downside resides in the 1.2100 price region, a major prior support/resistance level. To the upside, a true breakout of the downtrend resistance line (currently in the 1.2600 area) should meet further resistance in the 1.2750 region, another important prior support/resistance level.

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