FX Path
  • Home
  • Join our trading community
  • Back to FXstreet.com

FX Path

Technical Trading Tips and Techniques by James Chen, Chief Technical Strategist at FX Solutions.

Subscribe

Subscribe Subscribe Subscribe using Netvibes
Or subscribe via email:

Categories

  • Analysis
  • Announcements
  • Education
  • Uncategorized

Archives

Recent Comments

  • Forex Broker Analysis on EUR/USD - Heading for 1.4500, Correction Due
  • Sanjay on EUR/USD - Heading for 1.4500, Correction Due
  • ig index on EUR/CHF - Hits Support within Bearish Trend
  • Wilson on Technical Carry Trade Articles
  • dpinkert on USD/JPY - Breakout to the Upside

Tags

FXstreet.com Weblogs

  • CEO's Weblog
  • Wayne McDonell
  • Dr. S. Sivaraman
  • Valeria Bednarik
  • James Chen
  • Ross Yamashita
  • Raghee Horner
  • Ron Schelling
  • César B. Leiceaga
  • Ian Coleman
  • Greg Michalowski
  • Mike Baghdady
  • Dale J. Pinkert
  • Trader of the Year

Links

USD/CAD - On a Steep Uptrend
Posted on October 17, 2008 at 14:09 in Analysis by James Chen

USD/CAD 4-Hour Chart(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

Price on the accompanying USD/CAD 4-Hour chart, as shown, has lately been traveling up a very steep uptrend support line, and has additionally established several horizontal support/resistance lines in the process. As of Friday morning, price has tentatively rebounded up off yet another pullback. Any continued upward momentum off this pullback could target the key 1.2000 level once again. A clean break above that key psychological level could target the multi-year high around 1.2120. A breakdown below the 1.1750 level, on the other hand, should meet immediate further support down at the uptrend support line (currently around the 1.1650 region).

4 Responses to “USD/CAD - On a Steep Uptrend”

  1. on 17 Oct 2008 at 3:30 pm1su25

    Hi James

    Do you see anything interesting happening on GBP/CAD ?

    Regards
    su25

  2. on 17 Oct 2008 at 4:30 pm2James Chen

    Hi su25,

    Thanks for your question! Unfortunately, that particular pair doesn’t happen to be on my radar, although I follow around 20 pairs. If you ask for another pair that I do follow, I would be happy to put up my analysis on it. Thanks, su25, and have a great weekend!

    - James

  3. on 17 Oct 2008 at 10:34 pm3yazz

    where do you think the GBP/YEN is going - it has not made it’s mind up

  4. on 20 Oct 2008 at 12:54 pm4James Chen

    Hi Yazz,

    Thanks for your question. Like other pairs at the present time, GBP/JPY has formed a triangle/pennant consolidation on the daily chart. I will post on this pair shortly. Thanks!

    - James

Theme by Forex Street Powered by Wordpress

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

© 2010 "FXstreet.com. The Forex Market" All Rights Reserved.