Price action on USD/CAD has been descending within a steep parallel downtrend channel since the fourth test of the 1.3 region back in early March. The drop has been especially steep since the swing high to 1.2500 resistance in late April. For more technicals on this currency pair, please click here for Tuesday’s (5/12/2009) Chart of the Day.
UPDATE: As of Wednesday (5/13/2009) afternoon, New York session, price action has approached key resistance in the 1.1800 price region.
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