Comments on: USD/CAD - Hits Long-Term Uptrend Support Line

By: James Chen

James Chen — Mon, 01 Jun 2009 19:28:11 +0000

Hi Frank,

Thanks for visiting and for your comments! Yes, I see the strong support at 1.03. It’s a major level that should eventually be targeted if the pair continues its bearishness. As we are seeing now, though, there should be some retracement and consolidation before that occurs. Thanks, Frank.

- James Chen

By: Frank

Frank — Sun, 31 May 2009 17:29:45 +0000

To comment on Jasons 1.06 level. Other than a fib, there doesn’t seem to be any kind of support or resistance there. 1.03 seemed to have been tested a lot at the end of ‘07 and through most of ‘08. Should fundamentals be CAD positive this week, I’m liking 1.03, and parity which happens to be at fib 0.764. I’m a fairly new trader and may not see things properly so please correct me if I’m wrong

Frank

By: James Chen

James Chen — Sun, 31 May 2009 16:41:50 +0000

Thanks, Zulk!

- James Chen

By: zulk

zulk — Sun, 31 May 2009 02:35:33 +0000

hi..
agree that it seems this is potentially will creates new movement and change..

By: James Chen

James Chen — Sat, 30 May 2009 22:16:05 +0000

Thanks for visiting and for your analysis, Jason!

James Chen

By: Jason Macko

Jason Macko — Sat, 30 May 2009 14:49:18 +0000

I’m thinking the 1.06 area might provide some temporary support if Oil keeps going up, and parity gets closer. Based on a fib from July 07, 2007 to the highs in Feb 09, 2009, that level represents the 0.618 fib support, and if that one goes, I’m thinking parity or lower even is possible. All of this would be based on the fundamentals being in place of course.