Canadian Dollar/ Riding the Downtrendline *PIC*


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Canadian Dollar/ Riding the Downtrendline *PIC*

Posted By: Trades
Date: Tuesday, 3 November 2009, at 10:20 a.m.

CD hit major resistance at 97 with negative divergences which was the bottom of the 8 month channel from mid 2008. Price has since sold off and is riding under a steep downtrendline. The 8 month uptrendline has also been broken. No significant support areas here until the 90 level but price could turn around at any point. Watch the downtrendline breakout to suggest a rally back to 94. Until then the trend is your friend as long as CD trades under the downtrendline. Seasonal trends in all time frames show Nov and Dec the 2 most bearish months of the year. Even Jan into March is bearish but not to the same degree.

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