USD/CAD 4H Chart 9/26/2012 9:05AM EDT
Following up with the previous USD/CAD update, the pair did indeed extend above 0.98 to 0.9840. It is currently holding at this level as we begin the 9/26 US session. This is the support pivot of a previous consolidation period in August, and the 200-4H-SMA.
If the market can’t break above 0.9840-0.9850 area, a falls back below 0.98, it would have failed to reach the projected channel resistance in the 4H chart. Such a dynamic is bearish, and suggests a break below the channel support, which would refocus USD/CAD to the downside.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
Copyright FX Times All rights reserved.