USD/CAD Finds Support at Fibonacci Area
06 May 2011
WEEKLY CHART
Our Fibo projection at 0.9485 has now been tested. Initial support has been seen, but we currently await a better reaction around here.
DAILY CHART
Recent losses have tested a different Fibo projection on the Daily chart at 0.9430, not much below the level on the Weekly chart.
Initial reaction here has been positive but a recovery above the 0.9973 15-Mar high is needed to provide a clear bull signal. This represents key resistance, coinciding with a 38.2% retracement (our Fibo projection is related to this fact).
Meanwhile the downtrend must still command respect.
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