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USD/CAD - Sitting on Uptrend Support
Posted on March 17, 2009 at 14:01 in Analysis by James Chen

USD/CAD Daily ChartUSD/CAD, a daily chart of which is shown, has descended from its quadruple test of the 1.3 price region to sit squarely on top of a key uptrend support line extending from the late September lows. The fact that price is stalling here lends significant additional validity to this particular trendline, which has been respected at least six times since its inception. Because of this validity, any significant breakdown of the line should represent substantial bearishness, potentially targeting further support around the downtrend line extending from the third 1.3 test in December, and then further down around the 1.2400 support/resistance region. Conversely, a pronounced bounce off the current uptrend line would have nowhere to go but up towards a potential re-test of 1.3.

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