Tuesday March 23, 2010 - 19:03:53 GMT
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FXTimes: Daily Technical Update USD/CAD Forming a Double Top
USD/CAD Forming a Double Top
- 4H: The USD/CAD Attemped to rally back above the
1.02 powerline. However, the market kept it below 1.0250 throughout the
first trading session of the week. A double top has formed in the
short-term and a decline from here may target the 1.0 level. (Refer to Daily Video Technical Update 3.22.2010; 3rd pair).
- It should be noted that while the 1.0 is a very important level,
Bill Williams application of chaos theory suggests it is a higher
probability situation that the market moves away from a powerline than
towards it. Therefore, the anticipation here is basing action at parity.
- In the near-term, if the market closes below 1.0150, we can strengthen the short-term outlook to 1.0.
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