USDCAD finds sellers on first test of 38.2% retracement level
Written January 24, 2012 at 9:10 AM EST by Greg Michalowski
The USDCAD has moved above the 100 hour MA and moved to test the 38.2% at the 1.0140 level. The 200 hour MA is also in the area at the 1.0145 level. Traders have used the levels to lean against and take some profits from the sharp move higher. A break above the key levels will likely trigger stops and additional buying.
ON the downside, the 1.0119 level will be eyed as channel support. Below that 1.0114 is the 38.2% of the trend move higher. If the trend higher has good trader support, keeping the bullish bias above these support levels will be eyed. On the top, the high on the 5 minute chart corresponded with the topside channel resistance. This increased the importance of the area (in addition to the hourly resistance).
Categories: Forex Trading |
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