Tuesday December 16, 2008 - 17:33:30 GMT
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Chart of the Day - 12/16/2008 - USD/CAD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
12/16/2008 â€“ USD/CAD â€“ After having hit a tentative triple top formation with a confirming shooting star pattern on the third test of the 1.3000 level, the USD/CAD (a daily chart of which is shown) has exhibited some dramatic bearishness within the last week and a half. Currently, price is poised to approach key support in the 1.2120 region. Any substantial breakdown below this support level would lend some strength to a trend reversal outlook. In this event, further bearishness could eventually target the 1.1470 region, a significant prior support level. If the 1.2120 support zone is respected, a substantial bounce could subsequently target the 1.2450 resistance region to the upside.
Chief Technical Strategist
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