USDCAD—dropping back

The pair breached its uptrend line from the March 19th 1.0061 low, after dropping from yesterday's high of 1.0282. However, the candles are throwing off lower shadows which hints that lower prices are being rejected. My long from 1.0115 is still on. I'd probably add to my longs at 1.0137/52 if it gets down there, depending on price and momentum action.

Support is at 1.0137/52, 1.0098, and 1.0061. Resistance is at 1.0268/82, 1.0322, and 1.0443.

Here's the one-hour 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.

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