Canadian Dollar/Breaking Down *PIC*


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Canadian Dollar/Breaking Down *PIC*

Posted By: Trades
Date: Friday, 6 November 2009, at 2:04 p.m.

CD ran up to major resistance at 97 which is the bottom of the 8 month channel made in mid 2008. Price has maintained its uptrend since the March lows much like the S&P has. Very similar charts actually. Price recently dropped back and broke that uptrendline plus broke well below the 94 price support and dropped to 92. Price has since rallied back to 94 which is now resistance and rolled over again. This is bearish. While the overall pattern is still a bull this is the 1st sign of trouble much like SPX. If 92 doesn't hold CD will be in trouble. Price needs to clear 94 to suggest the uptrend remains intact.

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