USD CAD Daily FX Chart - Spot Currency Market 24th April 2009

USD CAD Daily FX Chart - Spot Currency Market 24th April 2009

Yesterday’s wide spread down bar did indeed confirm the strong bearish signals that I discussed in yesterday’s daily commentary and I hope that you are currently sitting on some nice profits with this price action continuing in trading this morning as we see further falls in the usd to cad pair.  Yesterday’s candle closed marginally below the 14 day moving average and bounced off the 9 day, but in trading this morning both these averages have now been breached and if the price holds below these, coupled with the penetration of the 1.22 support area, then we should see a continuation of the bearish sentiment in trading next week.  This view is reinforced by the weekly chart which shows the bears overwhelming the bulls whose attempt to move higher was crushed when they were unable to breach the 9 and 14 week moving averages.   My trading suggestion for today is to lock in your profits by moving your stop losses lower and to open any new short positions on intra day reversal in the 15 and 30 minute charts.  The price target for any short trades is now 1.2045 and should this price be broken then we could see a move lower to re test the 1.18 price point.

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