USDCAD remains below key resistance at 1.0296

• gregmikefx
• October 14th, 2009

The USDCAD has stayed below the key 1.0296 level on a closing basis for the last 16 trading hours.  The level corresponds to a key level off the daily charts going back to 2008. During that time there was a number of lows and highs that corresponded with the key level.

Today, the price moved below that level and remained below apart from one hourly bar that tested the upside.  The move above to 1.0312 was quickly reversed .  

I would expect that until the 1.0296 level is broken on the upside, the bias for the USDCAD is down.  Look for sellers against the 1.0296 level with the next target being a break below the low for the day.  That level comes in at the 1.0250 level. 

The trend is your friend -until the charts tell you to get out.  A break above 1.0296 is that level to watch.

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