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USD/CAD Respects Bearish Trendline on Bullish Correction

USD/CAD (a daily chart of which is shown) as of Monday (6/06/2011) has made a sustained bullish correction that has thus far respected a confluence of resistance that includes both a downtrend resistance line extending back to the October 2010 high, as well as the key 0.9850 area support/resistance region. This confluence was respected with a clear shooting star candle. For more USD/CAD forex technical analysis, please click here.

James Chen, CTA, CMT