AlphonsoElliottJr.
Short

USD/CAD New Resistance Staged at $1.32

FX:USDCAD   U.S. Dollar / Canadian Dollar
Here is my analysis on USD/CAD in a little while. We have reached some type of resistance at 1.32. I will be shorting it down to where the breakout happened to see if we can get a bounce. If so then I will continue to move upwards towards the 1.36 area. I believe it will hold since we have not really tested the new trend support. Lets see what till happen.
Comment:
USD/CAD may have to double top before falling to the trend retrace area. NFP may push the market back up to the top then the pullback may follow after. Looking left there is about 7 days of possible new support. USD/CAD has only been in the air for 3 days. I am currently long following the daily trend buying trend until we reach that 1.32 again then I may change directions depending on what happens tomorrow.

Comments

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