Forex Technical Update June 23, 2010  USD/CAD At Channel Resistance After Poor Data  

  • Daily: The Daily chart shows the USD/CAD pair in a positive reversal, suggesting an upswing towards 1.0860 again.
  • The market was very strong at rejecting the recent decline from going below the 78.6% retracement level. Today's sharp rally has some fundamental spark, and shot up from a technical support. Now it is testing the channel resistance, so there may be some short-term, resistance.

 

  • 4H: The 4H chart shows that the intra day momentum is very strong. There was poor economic data from both the US and Canada. The risk aversion is what pushed the US to gain today. This can be seen in other USD crosses as the US session got under way.

  Fan Yang Currency Analyst Commodity Trading Advisor

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