Canadian Dollar: The Downside Prevails

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Canadian Dollar: The Downside Prevails

By Trading Central on June 4, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	119.75
Resistance2:	116.75
Resistance1:	113.5
Last:	109.7
Pivot:	113.5
Support1:	108
Support2:	105.5
Support3:	103

Pivot: 113.5

Our preference: Short positions below 113.5 with targets @ 108 & 105.5 in extension.

Alternative scenario: Above 113.5 look for further upside with 116.75 & 119.75 as targets.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

119.75
116.75
113.5
109.7 (last)
108
105.5
103

*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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