USDCAD—coiling

USDCAD is still coiling within its daily triangle. Yesterday it dropped to 1.0257, the bottom, and is hovering just above there (currently offered at 1.0347) with a Fib confluence zone at 1.0399 just above. RSI has dipped slightly below its uptrend line. 1.0569 is the top line of the triangle and if it heads back there it will encounter additional resistance from a Fib confluence zone at 1.0581.

Here’s the daily 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.