Price action on USD/CAD has formed another short-term uptrend correction within the context of a strong longer-term downtrend. This bullish correction has occurred after price hit a 10-month low at 1.0630 in the beginning of this month. Currently very close to the short-term uptrend support line, price could either continue the bullish correction with a bounce up off the trendline, or it could seek to continue the overall downtrend by breaking down below the trendline. For more technical analysis on this currency pair, please click here for Thursday’s (8/20/2009) Chart of the Day.
FX Path
Subscribe
Categories
Archives
Recent Comments
- Forex Broker Analysis on EUR/USD - Heading for 1.4500, Correction Due
- Sanjay on EUR/USD - Heading for 1.4500, Correction Due
- ig index on EUR/CHF - Hits Support within Bearish Trend
- Wilson on Technical Carry Trade Articles
- dpinkert on USD/JPY - Breakout to the Upside
Tags
FXstreet.com Weblogs
Links
Technical Trading Tips and Techniques by 
