Canadian Profits

Those that followed my analysis this morning and traded the CAD should start to lock in some profits if day trading.

Canadian Support

Chart courtesy of Dynamic Trader version 5. Data provided by eSignal.

Since I have mentioned about the Canadian Dollar we have gone down on a swing basis although the price has made a couple of nice moves up on an intra day level which would have been profitable for those using fib levels and pivot points intra day.

I have provided a day chart of the Canadian Dollar with the support levels. A breach of these and we need to reconsider. However, both 8 daily and 13 daily are oversold and support levels are nearby so risk is minimum using correctly managed stops. If the CAD is on a wave 3 then swing/position trading this might be worthwhile as the trend line on the weekly has been broken and a pullback and continuation pattern had occured.

I don't usually look for position trades but this may be one of the few that I might decide to take up. In a downtrend you sell the rallies. In an uptrend you buy the dips.

Good luck for the week everyone.