FXstreet.com (Buenos Aires) - Canadian dollar remains quite positive against greenback, having printed a fresh daily high against dollar at 1.0248 during current hour, while still holding around that zone. USD/CAD has set a fresh 13-week low past Thursday at 1.0224 barely 26 pips away from current 1.0250 price.
According to James Chen, from FX Solutions, Price action on USD/CAD has approached a strong support area in the 1.0200 price region, which represents the long-term 14-month low hit in October 2009. This approach of key support occurs within the context of an overall downtrend in the pair. As of early Friday (1/15/2010) New York session, price has tentatively made a bounce up off this support. Significant upside resistance for this bounce resides around the strong support/resistance area just above the 1.0400 region. On any substantial breakdown below the noted 1.0200 support, a 17-month low will have been established, with the key downside support target residing around parity in the 1.0000 price region.