Our last USD/CAD Update (06thMay) highlighted certain downside Fibo projections which looked supportive. Subsequent recovery has so far been unable to overcome initial key resistance though.
- WEEKLY CHART -CONTINUATION Our Fibo projection at 0.9485 has provided initial support. A modest recovery has so far found resistance from the Apr-10 low.
- DAILY CHART: A different Fibo projection on the Daily chart also provided support. The recovery has so far made heavy weather of extending to first key resistance offered by the 0.9973 15-Mar high, which coincides with a 38.2% retracement. Bear channel top resistance is not much above now, around 1.0000. A break through this is needed for a clear positive signal.
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