Forex Market Updates & Commentary |  |
| Posted: 25 Feb 2011 02:49 PM PST |
| USD/CAD holding against key support level near 0.9794 Posted: 25 Feb 2011 08:25 AM PST
The USD/CAD is holding against a key support level near 0.9794, during Friday morning’s trading. There is tremendous pressure with a long term bias to the downside. The next major level below this comes into view near 0.9707. On the top side there is a double area of resistance at 0.9927, which coincides with the blue downward sloping trend line. Above this the 38.2% fibonaci level is holding at 0.9950. Above that the 50% level is seen at 0.9999 PAR. It will likely take fresh activity in next weeks trading to spur the pair back on to activity. |
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