Canadian Dollar at Support

03/17/2009 1:52 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart

The Canadian dollar has declined sharply from the November 2007 highs and has now reached long-term support in the .7700-.7800 area. The weekly studies are forming some positive divergences but need a few weeks of positive action to suggest a bottom is in place. A weekly close above .8530 would be bullish.

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