Loonie On Pause?

Colin Jessup

By: Colin Jessup

The Loonie took a bit of a breather today after its bullish movement (over 330 pips in 4 days) off of the support zone at 0.9906 a few days ago. At time of writing, we see a bullish power candle on the daily chart after 3 small bullish candles... but today's candle was slightly bearish. The bears tried to push back through support at 1.0110 with very little success, a possible indication that the Bulls could resume running soon. Price has closed above the 38.2% level twice this week, again a possible indication that the Greenback is going to take back more ground against its feathered friend to the north. If prices continue upward look for resistance at 1.0270/1.030 and again at 1.037. To the down side we may find support at 1.010 again, then 1.007 and 1.002.

Happy Trading!

USD/CAD Daily 11/3/11

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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