US Dollar / Canadian Dollar 03-15
The USDCAD finally dropped below 10200 Friday, which negates the bullish bias that I had held for several weeks. At this point, there is no support until parity / 9970. Of course, intraday momentum remains divergent and rising from an oversold condition. Stops tend to ruin many trades and this may be one of those times. Former support at 10270 and 10370 are now resistance levels.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.