USD/CAD nearing support at 1.0415 after failed move higher
Written December 24, 2009 at 8:28 AM EST by Shawn Powell
USD/CAD nearing support at 1.0415 after failed move higher on December 18th 2009. The pair bounced off of the 100 day MA (blue line) at 1.0677. The USD/CAD has been in a short term trend to the downside since then and is now approaching the 1.0415 level. Below this, lows for 2009 come into focus at the 1.0205 area.
On the top side resistance will be found at the 1.0490 level, above that at 1.0530, 1.0677, and long term at 200 day MA (green line) at 1.1143. Traders will start to use caution as we go into the Christmas holidays today so we may encounter increased volatility.
Categories: Forex Trading |
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