USDCAD—dropped

This pair dropped to 1.0179 this morning, close to yesterday's low of 1.0176. It may rally a bit from here again so I just added to my long at 1.0115. This is near the 50% of the move up from the 3/19 low of 1.0061 to the 1.0304 high. My plan is to close this one if it gets back to the 1.02's unless price action is very compelling.

Support is at 1.0176, 1.0137/52, 1.0098, 1.0061, and 1.0005. Resistance is at 1.0204, 1.0268/82, 1.0304/22, and 1.0443.

Here's the hourly chart:











© 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.