USD/CAD 1H Chart 8/15/2012 9:05AM EDT
After the market broke above the near-term range between 0.9905 and 0.9922, USD/CAD rallied to 0.9940 and found resistance under the noted 0.9942 pivot. Since then, the pair remains range-bound between this 0.9940 resistance and the 0.9905 support.
A break below 0.99 opens up the 0.98 handle/ 2012-low. A break above 0.9950 would suggest a bottom has been put in place, signaling a bullish outlook in the very short-term, back toward parity.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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