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TFC Commodity Trading Forum

Re: Canadian Dollar *PIC*
In Response To: Re: Canadian Dollar ()

There is solid support right at 99 which is the uptrendline plus price support. It is also roughly a Fib 38.2% retracement point as well. Until price breaks below 99 on a close and stays below, support is support and I would expect price to bounce back up off of it. Resistance is 1.02 which could easily be tagged again. CD does not always trade counter trend to DX either. So with DX breaking out and trashing most other markets notice CD didn't exactly fall out of bed. Only a break below 99 that holds would suggest much lower prices. I personally would only get short on a couple of closes below 99. Or a break below 99 that sells off and comes back up and tags 99 again to get short. Being short at support never has been a good idea technically. That's what I see here fwiw..............