Canadian Dollar Pivot is 10057
240 Minute Bars
Prepared by Jamie Saettele
The USDCAD was turned back by trendline resistance (and the 50 day average) last week and price traded at its lowest since May 2008 on Friday. Downside pressures remain and focus is on the downward sloping trendline drawn off of the August and October lows as well as 9710 (February 2008 low). A key reversal day on Friday makes things interesting however (common at turns). Short term structure is bearish as long as price is below 10057.
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