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.