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Trading Central: CAD Rebound in Sight
Written by article default Friday, 18 September 2009 06:50
Update on supports and resistances.
| Resistance3: | 117.5 |
| Resistance2: | 114.75 |
| Resistance1: | 110.5 |
| Last: | 106.8 |
| Pivot: | 103 |
| Support1: | 103 |
| Support2: | 100 |
| Support3: | 97.5 |
Our preference: Long positions above 103 with targets @ 110.5 & 114.75 in extension.
Alternative scenario: Below 103 look for further downside with 100 & 97.5 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
117.5
114.75
110.5
106.8 (last)
103
100
97.5
*USD/CAD Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the CANADIAN DOLLAR. For details go to www.ise.com