Is USD/CAD Bottoming?

12/03/2009 2:48 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

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The weekly chart of the USD/CAD shows that the RSI formed a positive divergence over the past five months. The RSI’s downtrend has been broken and the RSI needs to move its previous highs to confirm a bottom. A weekly close above 1.0750 would be positive. There is first support at 1.04-0500 with major support at 1.0200.

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