Apr 19, 2010

FX Path

FX Path

USD/CAD - Bullish Correction to 1.0200

Posted: 19 Apr 2010 10:28 AM PDT

Price action on USD/CAD, a daily chart of which is shown, has made a bullish correction up to the 1.0200 resistance price region before retreating as of Monday (4/19/2010). This correction occurs within the context of a strong downtrend and after a 22-month low below parity was hit mid-week last week. For more technical analysis on this currency pair, please click here for Monday’s (4/19/2010) 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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