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USD/CAD Could Still Be Trying to Base

Currencies / Canadian $ Aug 13, 2010 - 03:59 AM GMT

By: Seven_Days_Ahead

Currencies

After an initial recovery attempt in Apr/May, USD/CAD has become consolidative - still with the prospect of forming a base, but still without the necessary bull signals to tilt the scales firmly in the bulls’ favour. Not for the first time interesting support has emerged from a 76.4% level...


The FX Specialist view


 WEEKLY CHART:

Earlier in the year the market tested the 76.4% level at 1.0000, also the centre of congestion from 2008, where good support emerged.

At this stage we keep an eye on the 23.6% recovery level, which has so far has been effective (no close above yet).

Beyond here would turn focus on the 38.2% level and Aug-09 high.


DAILY CHART:

See how the 76.4% pullback level on the Daily chart has proved effective.

Ideally this will continue to hold, but sidelined bulls need to see a decent close above the 23.6% level and then break of the 25-May 1.0851 high to feel confident of a continuing medium term recovery.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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