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USD/CAD - Potential Continuation Towards Highs
Posted on January 30, 2009 at 14:40 in Analysis by James Chen

USD/CAD Daily ChartPrice action on the USD/CAD (a daily chart of which is shown) has just bounced up off a key uptrend support line, as well as a horizontal support/resistance level in the 1.2100 region. The pair’s most recent bullish move failed to reach all the way up to the triple-tested highs around 1.3000, stopping short at 1.2765. Therefore, in the event of continued bullishness off the recent uptrend line bounce, the region surrounding 1.2765 should pose strong resistance to any further upside move towards the triple-tested highs. To the downside, the static 1.2100 region and the dynamic uptrend support line should continue to serve as strong support factors going forward. From a technical perspective, the bias currently appears somewhat bullish, though we should soon be seeing a sideways consolidation forming.

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