USDCAD—hammer after drop

The pair has dropped to 1.0150 this morning which is slightly below yesterday's low of 1.0157. On the hourly chart, it just completed a hammer. If it can stay above the hammer's low of 1.0150, then it should rally. There's positive divergence on the hourly chart. Going long here, give this pair's skanky performance lately, probably means taking profits in the 1.02 area

I have three small long positions: 1.0115, 1.165, and 1.0190. Obviously, the last one is under water a bit.

Support is at 1.0152/48, 1.0137, 1.0098, 1.0061, and 1.0005. Resistance is at 1.0217, 1.0268/82, 1.0304/22, and 1.0443.

Here's an 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.

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