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USD/CAD Still Trying To Base

Currencies / Forex Trading Feb 15, 2010 - 02:40 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleAfter the 2009 decline clear support has been emerging from above the 1.0200 level. The signs are promising for the bulls, but they still require an extra effort before a base can be said to be complete.


The FX Trader’s view


 

 WEEKLY CHART:

The 2009 downmove stopped short of the 76.4% level at 1.0000.

Support, in fact, was found close to the 1.0296 Sep-08 low, the take-off point for the last major upleg.

 


DAILY CHART:

A drift back in price saw support emerge in Jan from around the 1.0204 Oct-09 low, keeping that long term 1.0000 76.4% level on the Weekly chart out of reach).

Subsequent recovery has now seen a break of the s/term falling resistance line, but key is the higher resistance around the 1.0880 23.6% level – recovery through this would also mean violation of the bear channel top projection (near 1.0800 currently).

-It would be a clear bull sign, completing a nice base in the process.

We would then be in a position to look at higher targets, the first obvious one being the 38.2% recovery towards 1.1300.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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