USD/CAD Daily Resistance & Hourly Support
Written July 2, 2009 at 7:33 PM EST by Alex Chernomordin
The USD/CAD pair received a strong bid based on hard falling commodity prices and a flight to quality on some negative comments out of the ECB and a worse than expected Non-Farm Payroll number out of the US. However, the pair has run into some strong technical resistance on the daily outlook below, at the 38.2% retracement of the move from the March highs to the early June lows. On the hourly analysis we see some trendline support developing, with a couple of bottoms below, which could provide a secondary level of support.
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Hi, Alex:
Thanks for your information regarding $/CAD. I will keep my short $/CAD order.
Chun