USDCAD—correction

The remainder of my long from 1.0135 stopped out for +137 pips in the correction that has taken place down to a low of 1.0210 so far today. I wouldn't be surprised to see it drop to 1.0179 which is the top of the triangle it broke upwards from last week but we'll see—it seems to be trying to find support here. Watching momentum behavior is important. I entered a long at 1.0256.

Additional support is at 1.0092 (the uptrend line), 1.0012, and .9930. Resistance is at 1.0393, 1.0470, 1.0571, 1.0681, and 1.0745.

Here's the three-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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