CAD USD: CAD FX: CAD Forex: Canadian Futures Update 3/30/10
Posted by: Richard Estrada // Category: CAD USD Futures
The CAD USD is testing the top of a bull flag technical formation (outlined in blue), which might trigger technical upside momentum if currency traders can push the CAD FX market through this technical area (see daily chart below). A break above this technical formation and the next technical target in the CAD Forex could be the top of the bull flag formation (.9938).
The 60-minute chart of the June 2010 Canadian Dollar Futures contract (see chart below) identifies the 24-bar moving average as a good gauge of technical momentum, while the top of the area of concentrated volume (top of middle gray rectangle .9780) and the 5-day moving average (.9778) as a pivotal area of technical support. The question for currency traders day trading futures, specifically the CAD USD is where can CAD USD bulls look take longs from, or where can bears look to get short? To get my detailed strategic daily analysis in the CAD USD Futues, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Canadian Dollar Futures Market.
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Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.