Canadian Dollar: Under Pressure

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Canadian Dollar: Under Pressure

By Trading Central on May 11, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	127.25
Resistance2:	125.15
Resistance1:	120
Last:	116.1
Pivot:	120
Support1:	114.65
Support2:	109.9
Support3:	108.3

Pivot: 120

Our preference: Short positions below 120 with targets @ 114.65 & 109.9 in extension.

Alternative scenario: Above 120 look for further upside with 125.15 & 127.25 as targets.

Comment: The RSI is badly directed, the pair stands within a bearish channel and is challenging its strong support.

127.25
125.15
120
116.1 (last)
114.65
109.9
108.3

*USD/CAD Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the CANADIAN DOLLAR. For details go to www.ise.com

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