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Chart of the Day - 6/30/2009 – USD/CAD

By:

FX Solutions (James Chen)

2009-30-06

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James Chen

James Chen, CTA, CMT, is the Chief Technical Strategist at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). At FX Solutions, Mr. Chen writes daily currency .....

6/30/2009 – USD/CAD – Price action on USD/CAD, a daily chart of which is shown, has tentatively poked out above a key downtrend resistance line extending from the fourth test of the 1.30 price region back in March. This tentative break places the current downtrend in potential jeopardy, as this trendline has helped define a strong downtrend for more than three months. With any substantial follow-through on this potential bullish breakout, the next major resistance target to the upside resides around the key 1.1800 price region. In the event of a false break scenario, where price retreats back below the trendline, strong support continues to reside in the 1.450 price region.

James Chen, CMT
Chief Technical Strategist
FX Solutions

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

(Chart courtesy of FX Solutions' FX AccuCharts. 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.)

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FX Solutions, LLC was founded in 2001 by two foreign exchange veterans with over 50 years combined experience. The Company is a leading online foreign exchange (forex) broker, operating as a market-maker to retail and institutional clients. With its focus on advanced trading technology solutions, ...

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