Forex Technical Update July 26, 2010  USD/CAD Eyes 1.02 if Support Breaks

  • Daily and 1H: In an update last week on the USD/CAD, I mentioned that the currency pair was ready to break below the congestion pattern, after completing 5 waves.
  • We can still have waves 6 and 7 if the support holds. However, if the support fails, the near-term target is just below 1.02, then the parity level.
  • The support in the 1H chart has already broken, and the RSI is attempting to break below 40. There is also a moving average crossover.
  • These may already be signs that the market is heading towards the near-term target below 1.02.

  Fan Yang Currency Analyst Commodity Trading Advisor

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