Wednesday April 7, 2010 - 19:05:09 GMT
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FXTimes: Daily Technical Update USD/CAD Bounces from Parity
USD/CAD Bounces from Parity
- Daily and 4H: The Canadian Dollar (and other
commodity currencies) has been strong, even more so than the
greenback. It was slated to test parity and possibly expand further
down to just above the 0.99 area. (Refer to Daily Video Technical Update 4.6.2010; 3rd pair).
- The market hit the parity level in the afternoon of yesterdayâ€™s US
session, and inched down to the 0.9975 area by the European session.
- After a bullish divergence seen in the 4H chart, the market showed reversal and bounced back above parity.
- The daily chart shows some anticipated fibonacci retracement
levels. Between 26.3% and 38.2% is the previous support and may act as
resistance. Look for topping action around this area, just below 1.01.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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