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Forex Trading. USDCAD holds resistance and heads lower

Posted by Greg Michalowski on Mon, 06/30/2008 - 7:08pm in

The USDCAD pair tested the 61.8% retracement level at 1.0216 and backed off (see previous post).  The pair has moved from the high at 102.15 to the low of 1.0184.  I would expect that the pair quiets down as we head further into the Asian session.  With crude oil perhaps influencing trade in the early hours of the new trading day.  Good support comes in at 1.0171.