USD/CAD 4H Chart 8:02AM EDT 11/26/2012
Channel, trendlines support: USD/CAD is in a very short-term bearish channel since finding resistance around 1.0050 in mid-November. This is part of sideways action since mid-October that followed a bull run. There has not been any clear technical clues on what direction this market is going for. However, USD/CAD is trading near a key trendline support that goes back to the 0.9631 low from September. A hold above the trendline and a break above parity, refocuses the outlook pair to the upside. A break below the trendline, followed by break of the November-low 0.9872 opens up a bearish outlook, which exposes the 0.9631 low.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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