USD/CAD Forex Trading Analysis

Resistance 3:  1.0180
Resistance 2:  1.0140/50
Resistance 1:  1.0090/1.0100
Latest New York:  1.0071
Support 1:  1.0020/30
Support 2:  1.0000
Support 3:   .9970/80

Other Things to Watch/Open Trades/News

4-29-08 SHORT USD/CAD 1.0130 Stops @ 1.0230
SELL on a close under 1.0050 today

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

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 closed under the 1.0100 area today, look for a close under 1.0040/50 area to set-up a deeper pullback later this week; stops likely under the .9980 area in size.

Nothing to do but continue to wait in my view; price is inside “no man’s land”

Data due Thursday: All times EASTERN (-5 GMT)

11:45am CAD BOC Governor Carney Speaks

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/