Thu, Jul 23 2009, 15:23 GMT
by James Chen
FX Solutions | View company's profile
7/23/2009 – USD/CAD – Steeply bearish price action within the last couple of weeks on USD/CAD, a daily chart of which is shown, has brought price down from a 38.2% Fibonacci retracement (measured off the long bearish run from 1.3060 to 1.0780) to approach the downtrend lows once again. The major immediate downside support target for the current bearishness resides in the 1.0800 support/resistance price region, which represents the area of the downtrend lows. Any substantial breakdown below that level would confirm a downtrend continuation potentially targeting further key support around 1.0550.
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Published on Thu, Jul 23 2009, 15:25 GMT
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