After breaking out cleanly above a key support/resistance level in the 1.1450 price region, USD/CAD has ascended further to approach an important downtrend resistance line extending from the fourth test of the 1.3000 region back in early March. This is an important trendline juncture, as it represents the strong overall downtrend that has been in place for the last three months. For more technical analysis on this currency pair, please click here for Tuesday’s (6/23/2009) Chart of the Day.
UPDATE: Just short of the abovementioned downtrend resistance line, price made a bearish reversal, breaking down tentatively below the 1.1450 support levelĀ in the process. To the downside, any further bearishness should target further key support in the 1.1300 price region.
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