Apr 8, 2010

FX Path

FX Path

USD/CAD - Consolidating Around Parity, Bearish Bias

Posted: 08 Apr 2010 10:47 AM PDT

Price action on USD/CAD, a daily chart of which is shown, reached parity (1.0000) this week, establishing a new 20-month low in the process. After dipping slightly below parity earlier this week, price has since consolidated right around this key level. This occurs within the context of a long-term, medium-term, and short-term downtrend in the pair. For more technical analysis on this currency pair, please click here for Thursday’s (4/8/2010) Chart of the Day.

- James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

 
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