Monday July 14, 2008 - 15:05:26 GMT
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Chart of the Day - 7/14/2008 - USD/CAD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/14/2008 â€“ USD/CAD â€“ Price action on the USD/CAD (the daily chart of which is shown) has been mired in a sideways consolidation for many months now. Within the context of this sideways consolidation, there has recently begun a further diminishing of volatility, bounded by the long-term downtrend line (in red) and the medium-term uptrend line (in green). This diminishing volatility hints at an impending breakout to either side. At this time, with price hugging support and a long-term downtrend in place, the bias is towards a break to the downside. In the event of a clean breakdown, major support to the downside resides around the bottom of the sideways consolidation, in the 0.9750 region.
Chief Technical Analyst
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