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Canadian Dollar: The Downside Prevails
Written by article default Wednesday, 02 February 2011 13:43
Update on supports and resistances.
| Resistance3: | 108.5 |
| Resistance2: | 105 |
| Resistance1: | 102.5 |
| Last: | 99.25 |
| Pivot: | 102.5 |
| Support1: | 98.35 |
| Support2: | 97 |
| Support3: | 95.5 |
Our preference: Short positions below 102.5 with targets @ 98.35 & 97 in extension.
Alternative scenario: Above 102.5 look for further upside with 105 & 108.5 as targets.
Comment: the RSI is capped by a bearish trend line.
108.5
105
102.5
99.25 (last)
98.35
97
95.5
*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