USD CAD Weekly Chart - 16th March 2009

USD CAD Weekly Chart - 16th March 2009

A look at last week’s candle chart for the usd to cad currency pair confirms what we already know in that the 1.3000 handle is providing strong resistance to any move higher by the pair and this has been further confirmed by this morning’s price action with the pair falling back once again.  The candle from last week is a bearish shooting star signal and allied to the last three failed attempts to clear this region we should expect to see prices fall this week.  A move back below the 9 week or even 14 week average will suggest that the breakout of 3 weeks ago was false and we may see a move lower even as far down as the next support level at 1.23.

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