USD To CAD - Weekly Candle Chart 23rd March 2009

USD To CAD - Weekly Candle Chart 23rd March 2009

The relatively wide spread down bar of last week confirmed the bearish signal of the previous week which provided a shooting star candle with failure to penetrate the resistance at 1.30 once again.  Last week’s closing price finished just below the 9 week moving average and just above the 14 but with the two now crossing this suggests the bearish sentiment is now established once again and we should expect to see prices move lower this week, particularly as the support area of the last few months was penetrated significantly during last week’s price action.  My suggestion for today, and for the longer term, is to look for selling opportunities in the hourly charts which you should use for your entry and exit points.

The only significant fundamental news on the horizon for today is Treasury Sec Geithner’s speech outlining his latest plans to help relieve the banks of their toxic assets which may prompt some further US dollar weakness.  In addition I will also be publishing some very illuminating COT data for the Canadian Dollar.

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