USD/CAD Respects Key Downtrend Resistance Line

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USD/CAD Respects Key Downtrend Resistance Line

By James Chen on June 26, 2009 | More Posts By James Chen | Author's Website

Price action on USD/CAD, a daily chart of which is shown, has finally reached a key downtrend resistance line extending from the fourth test of 1.3 back in March. After reaching up to touch this line precisely yesterday (06/25/2009), the pair has tentatively respected the trendline by bouncing down off of it. This bounce occurs after a substantial bullish correction extending from the 1.0800 lows, and signifies that this pair is still entrenched in a valid overall downtrend. Barring any breakout to the upside of this trendline, a major downside support target off this bounce resides in the 1.1300 price region. In the event of a subsequent breakout above the trendline, further key upside resistance resides in the 1.1800 support/resistance region.

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