Forex Technical Update
USD/CAD Chart 1H 6/27/2012 10:10AM EDT
After breaking above 1.03, the USD/CAD failed to sustain the short-term uptrend that started after bottoming last Wednesday (6/20). Instead, it slid throughout the 6/25 and 6/26 sessions. During the 6/27 session European-US session, the pair is testing and so far respecting a rising trendline connecting the lows back to the 6/20 bottom. Just above, we also have a declining trendline that's been holding the slide from the 6/25 high of 1.0314.
A break below 1.0239 should open up firs the 1.02 psychological support in the near-term, but also the June low near 1.0160.
To the upside, we would need a clear break above 1.03 to open up the 1.0350, then 1.0440 June high.
USD/CAD Chart 4H 6/27/2012 10:13AM EDT
Fan Yang CMT is a trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of rex 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.