FX Path

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USD/CAD - Near Key Support Posted: 15 Jan 2010 08:22 AM PST Price action on USD/CAD, a daily chart of which is shown, has approached a strong support area in the 1.0200 price region, which represents the long-term 14-month low hit in October 2009. This approach of key support occurs within the context of an overall downtrend in the pair. As of early Friday (1/15/2010) New York session, price has tentatively made a bounce up off this support. For more technical analysis on this currency pair, please click here for Friday’s (1/15/2010) 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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