Sep 9, 2010

FX Path

FX Path

USD/CAD - Bearishness to Strong Support

Posted: 09 Sep 2010 09:26 AM PDT

Price action on USD/CAD (a 4-hour chart of which is shown) as of Thursday (9/09/2010) has dropped down to hit key support in the 1.0300 price region on continued bearishness off a swift drop from the 1.0500 area resistance. This occurs within the context of a prolonged horizontal trading range consolidation that has characterized this currency pair since the last quarter of 2009. For more technical analysis on this currency pair, please click here for Thursday’s (9/09/2010) 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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