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Will USD/CAD Bounce Off 76.4% Support Continue?

Currencies / Canadian $ Jun 25, 2010 - 04:39 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleAn initial recovery off long term 76.4% support in USD/CAD has been followed by a deep setback, which has just found support from a shorter term 76.4% level. Bulls waiting in the wings now need this to continue, breaching certain resistance points.


The FX Specialist view


 WEEKLY CHART:

Earlier this year good support emerged from the long term 1.0000 76.4% retracement, which coincided with the centre of congestion from 2008.

First resistance comes from around the 23.6% bounce level – so far the market has failed to sustain above this.


DAILY CHART:

The earlier recovery failed to hold above the 23.6% level, postponing a bull trigger and subsequent move towards the higher 1.1125 38.2% area.

The subsequent slip back has now tested the 76.4% level, prompting a smart rebound. However, sidelined bulls need to see continuation higher, with better close above that 23.6% level and break of the 25-May 1.0851 high.

A drop back through 76.4% and the 1.0105 13-May low would not be a good sign now.

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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