Price action on USD/CAD has tentatively poked out above a key downtrend resistance line extending from the fourth test of the 1.30 price region back in March. This tentative break places the current downtrend in potential jeopardy. For more technical analysis on this currency pair, please click here for Tuesday’s (6/30/2009) Chart of the Day.
UPDATE: As of Wednesday (7/01/2009) morning, dollar-weakening price action has shown yesterday’s trendline break to be a false one. As of this writing during the New York morning session, price action has retreated and descended back down to the 1.1450 support price region.
- James Chen, CTA, CMT
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