USDCAD makes new lows today but trying to bounce

Written February 22, 2010 at 9:31 AM EST by  

gregmike-00529

The price has moved back above the 100 and 200 bar MAs on the 5 minute chart at the 1.0385/88 area (blue and green line  in the chart above).  This gives a slightly bullish bias for the pair with the bias turning back to the downside below 1.0385.  If the price is able to stay above this support level, there is key resistance at the 1.0405-15 level for the pair going back to the daily chart where a number of lows and highs occurred in the past.  The price reached a high of  1.0404 earlier today and came off.  

gregmike-00528

On the downside, a move back below the 1.0385 level should extend the downside to test the low at the 1.0368 level.

One Response to “USDCAD makes new lows today but trying to bounce”

  1. MIBLUE on February 22nd, 2010 2:07 pm

    Good play by play. Do you do free trade alerts like http://www.getforexalerts.com

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