Browse: Home > USD/CAD: The Loonie gains further ground
Tuesday, July 20, 2010
Forex Special - After the establishment of a strong resistance at 1.0575 (2-week high), the Canadian Dollar looks poised to erase part of the large losses from last week. On Tuesday, the pair had a strong downside correction, piercing yesterday's low to set a new 2-day low at 1.0487. Current price is exposing further downside as the report is written. The pair is approximately 0.62% lower than previous close.
According to the ecPulse.com analysis team, “a bearish technical patternappears over four-hour basis , where the pair’s neckline is at 1.0495. This pattern in addition to the strength of 76.4% Fibonacci correction that appeared yesterday are factors that make us expect a bearish intraday trend, which will start with the breach of the mentioned neckline to pave the way towards 1.0365. We point out that any stability above 1.0580 will cause the expected bearishness to fail”.
They continued by adding that “the trading range for today is among the key support at 1.0365 and the key resistance at 1.0675. Support 1.0495 1.0425 1.0340 1.0275 1.0210. Resistance 1.0580 1.0635 1.0675 1.0745 1.0825”.