| USD/CAD - Bear Market Rally Posted: 21 Jan 2010 08:57 AM PST  After rebounding off support in the 1.0200 price region late last week, USD/CAD (a daily chart of which is shown) has reflected strong dollar-strengthening in the past couple of days by breaking out above several key resistance areas. This includes the 1.0400 price region that was just broken on Wednesday. Currently, as of early Thursday (1/21/2010) New York session, the pair is still experiencing some bullishness, possibly targeting a key downtrend resistance line extending from at least August of 2009. For more technical analysis on this currency pair, please click here for Thursday’s (1/21/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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