After forming the potential beginnings of a double-bottom pattern, price action on USD/CAD, a daily chart of which is shown, has risen to make a tentative breakout above a key downtrend resistance line extending from the 1.3060 long-term high reached in March. Currently, a key upside resistance level to watch for is the 1.1120 price region, which represents the rough peak of the potential double-bottom formation. For more technical analysis on this currency pair, please click here for Friday’s (9/25/2009) Chart of the Day.
- James Chen, CTA, CMT
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i think that if the resistance from 1.1120 will be broken the next level of resistance will be 1.1700 region and not 1.1450.
best regards,
Thanks for your analysis, Maxu!
James Chen