Canadian Dollar: Bounce

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By Trading Central on October 30, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	117.5
Resistance2:	114.75
Resistance1:	111
Last:	108
Pivot:	104.5
Support1:	104.5
Support2:	102.5
Support3:	100

Pivot: 104.5

Our preference: Long positions above 104.5 with targets @ 111 & 114.75 in extension.

Alternative scenario: Below 104.5 look for further downside with 102.5 & 100 as targets.

Comment: both the pair and the RSI have broken above a key resistance area.

117.5
114.75
111
108 (last)
104.5
102.5
100

*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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