Friday October 10, 2008 - 17:00:15 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 10/10/2008 - USD/CAD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
10/10/2008 â€“ USD/CAD â€“ As of Friday mid-session in New York, recent dramatic bullish moves on the USD/CAD (a daily chart of which is shown), have shot price up past several key resistance zones, reaching all the way up to the major 1.1970-2.000 resistance region before finally backing off. This level represents close to a 3-year high in the pair. As of Friday noon in New York, price continues to look and act in somewhat of a bullish manner, although the pair is technically well-overbought. Any subsequent rally that breaks out above the important 1.2000 level, which could be a distinct possibility, may eventually target a significant support/resistance level to the upside around the 1.2230 region. Any bearish retracement in the remarkable bull run of the last couple of weeks, on the other hand, should find substantial support around the 1.1570 area.
Chief Technical Analyst
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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."