USD/CAD Daily

Resistance 3:  1.0220
Resistance 2:  1.0180
Resistance 1:  1.0130
Latest New York:  1.0109
Support 1:  1.0100
Support 2:  1.0080
Support 3:  1.0050

Other Things to Watch/Open Trades/News

SHORT USD/CAD 1.0130 Stops @ 1.0230

Failure to close above the 101.80 area suggests the rate has a failed rally (top of range).

ON THE LOWS TO END NEW YORK

Comments
Sharp break early Monday suggests sellers trying to take control; bounce off the MA’s expected but volumes not high. OK to hold through the close if not stopped out as stops are out of range from last week. Close below 1.0100 now needed to set up break
into the bottom of the range in my view. Lack of downside follow-through Friday suggests rate is “stuck”. OK to day trade from both sides if aggressive.

Rate needs to clear under the 1.0100 area in my view to set-up a deeper pullback later this week.

Nothing to do but continue to wait in my view; price is inside “no man’s land” Monday action is another clue that the sellers are trying to take control.

Data due Wednesday All times EASTERN (-5 GMT)

    * 8:30am CAD GDP m/m 0.2% 0.6%
    * 8:30am CAD  IPPI m/m 0.9% 0.1%

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com