Tuesday August 19, 2008 - 16:00:18 GMT
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Chart of the Day - 8/19/2008 - USD/CAD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 200-period simple moving average in light blue.)
8/19/2008 â€“ USD/CAD â€“ As shown on the accompanying USD/CAD 4-Hour chart, price action on this pair has formed both a steep uptrend support line (represented in green) and a flag pattern (represented in yellow) since the forceful bullish run in the dollar began several weeks ago. The combination of these two factors hints at a possible impending continuation of the uptrend. The uptrend line is acting as dynamic support, while the flag is indicating a potential continuation of the up-move after breakout. In the event of a strong breakout of the flag, major resistance to the upside resides around the 1.0865 region. Immediate support to the downside, on the other hand, resides around the green uptrend line.
Chief Technical Analyst
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