Chart of the Day – 10/15/2010 – USD/CAD

Filed in Gold, Gold Bullion prices, ubs by on October 15, 2010 0 Comments

10/15/2010 – USD/CAD – Price action on USD/CAD (a daily chart of which is shown) as of Friday (10/15/2010) has shown some bullish correctiveness today after hitting parity (1.0000) on Thursday, but overall the pair still appears biased to the downside in line with the steep downtrend that the pair has been entrenched in since falling from key 1.0670 resistance in early September. Within this downtrend, a key downside support target resides in the 0.9930 price region, which represents a major low hit in April. If the downtrend continues with a breakdown below that support level, a key further downside support target resides in the 0.9700 price region. James Chen, CMT Chief Technical Strategist FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. (Chart courtesy of FX Solutions’ FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.) Attached Images

See the original post here:
Chart of the Day – 10/15/2010 – USD/CAD

Tags: , , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *