$USDCAD rallies and stops at 1.0406. Back down testing moving averages
Written January 5, 2010 at 3:29 PM EST by Greg Michalowski
The USDCAD spent most of the NY trading day moving higher after reaching new move lows in the first half of the trading day. The price correction moved to the 1.0406 level, the bottom end of 1.0405/15 key resistance level (see post from the NY morning by clicking here).
The price has since moved back down and just tested support against the 100 and 200 bar MAs on the 5 minute chart at the 1.0376 level and bounced.
So going into the NY close, look for support buying against the two moving averages. and once again watch for confirmation of the upside momentum via a break of the 1.0405/15 resistance.
Categories: Forex Trading |
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