Tuesday, March 8, 2011

Canadian Dollar: The Downside Prevails

Update on supports and resistances.

Resistance3:

108.5

Resistance2:

104

Resistance1:

100.65

Last:

97.35

Pivot:

100.65

Support1:

94.55

Support2:

93

Support3:

90.75

Pivot: 100.65

Our preference: Short positions below 100.65 with targets @ 94.55 & 93 in extension.

Alternative scenario: Above 100.65 look for further upside with 104 & 108.5 as targets.

Comment: the RSI is capped by a bearish trend line.

108.5

104

100.65

97.35 (last)

94.55

93

90.75

*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

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