USDCAD--weekly chart

To put the recent bobbing around of the pair in context, it's helpful to look at the weekly chart. From the low in 2007, you can see the pair is in an uptrend. It would have to break below 1.0312 to violate this uptrend line. You can also see fairly stiff resistance as the downtrend lines come into play. If the Elliott Wave count is correct, this pair should be taking off fairly soon. We'll have to see:

Support:

1.0407/39/67
1.0312
1.0367
1.0208/25

Resistance:

1.0547/79/85
1.0636/44
1.0771/76/81
1.0848
1.0988



© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.