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Sept. 13, 2010 – USD/CAD – Downtrend

clip_image002(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.)

9/13/2010 – USD/CAD – Price action on USD/CAD (a 4-hour chart of which is shown) as of Monday (9/13/2010) has continued its bearishness within the short-term downtrend extending back to the end-of-August resistance high in the 1.0670 price region.

Within this downtrend, the 50-period simple moving average has served well as dynamic downtrend resistance. Currently, price has just hit a new three-week low below key 1.0300 support, and is potentially approaching immediate further support in the 1.0250 price region. In the event of a strong breakdown below 1.0250, price action could potentially begin targeting the key 1.0100 support region, which represents the region of the last major low in early August.

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