Canadian Dollar Trades to 20 day Average
Prepared by Jamie Saettele
9775, which I had pegged as my bullish pivot, has been exceeded. Still, price must contend with the 20 day average and then the 50 day average, which is reinforced by a series of former lows (circled). To review – “the USDCAD continues to trade right at the downward sloping trendline that extends off of the August and October lows. 9710, which was important support in February 2008, has also been met and has been holding on a daily closing basis.” 9720 is short term support. Also, since this is an attempt at catching a bottom – TRADE SMALL and always use stops!
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