USD/CAD Still Trying To Base
11 February 2010
The FX Trader's view -
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WEEKLY CHART: The 2009 downmove stopped short of the 76.4% level at 1.0000.
Support, in fact, was found close to the 1.0296 Sep-08 low, the take-off point for the last major upleg.
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DAILY CHART:
A drift back in price saw support emerge in Jan from around the 1.0204 Oct-09 low, keeping that long term 1.0000 76.4% level on the Weekly chart out of reach).
Subsequent recovery has now seen a break of the s/term falling resistance line, but key is the higher resistance around the 1.0880 23.6% level - recovery through this would also mean violation of the bear channel top projection (near 1.0800 currently).
-It would be a clear bull sign, completing a nice base in the process.
We would then be in a position to look at higher targets, the first obvious one being the 38.2% recovery towards 1.1300.
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Philip Allwright
Mark Sturdy
Seven Days Ahead
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