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USD/CAD 4-Hour Chart — September 2, 2010

By James Chen , Published: 09/02/2010
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

9/02/2010 – USD/CAD – Price action on USD/CAD (a 4-hour chart of which is shown) as of Thursday (9/02/2010) has settled above 1.0470 support once again after having just descended from a key resistance re-test in the 1.0670 price region, which formed a double-top high. This all occurs within the context of a short-term parallel uptrend channel extending from the early August low, and after price action broke out above a key downtrend resistance line extending back to the May high. In the event of a pronounced bounce off the current 1.0470 area support, price could once again target the key 1.0670 resistance region. In the event of a strong breakdown below the current support, immediate dynamic support can be found at the bottom border of the current parallel uptrend channel. Further downside support resides around the key 1.0300 price region.

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James Chen, CMT
Chief Technical Strategist,
FX Solutions

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