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January 15 – USD/CAD – Strong support

January 15, 2010 at 9:43 am • Posted in USDCAD

USD/CAD Daily Chart - January 15

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

1/15/2010 – USD/CAD – Price action on USD/CAD, a daily chart of which is shown, has approached a strong support area in the 1.0200 price region, which represents the long-term 14-month low hit in October 2009.

This approach of key support occurs within the context of an overall downtrend in the pair. As of early Friday (1/15/2010) New York session, price has tentatively made a bounce up off this support. Significant upside resistance for this bounce resides around the strong support/resistance area just above the 1.0400 region.

On any substantial breakdown below the noted 1.0200 support, a 17-month low will have been established, with the key downside support target residing around parity in the 1.0000 price region.

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