Trade posted to TAP at 9:04am ET sell USDCAD at 1.0541 using half size. Looking for which direction is going to take hold this week. First thing on a Monday morning seeing some hints that this pair might turn south at least in the short term. Biggest clue towards that is the break and retest of the 30 minute trend line. Will look for a bounce back to 1.0500 then it will be decision time….either retest the highs from there which are back to 1.0580 or break 1.0500 and head down to the low 400′s. Using smaller size until direction has been confirmed.

USD/CAD Chart Picture

This entry was posted on Monday, July 19th, 2010 at 8:20 am and is filed under Trading Signals & Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.