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Forex Trading: USD/CAD Trading At 50% Line On Hourly
Written by article default Monday, 24 January 2011 14:30
Looking at the hourly chart, the pair made a turnaround once reaching the 200 hour moving average on Friday. It traded up to the 50% fibo line on the move from January 19th lows to 20th highs, but then retreated lower where it found some support from the 100 hour moving average. After some buying it is now back at the 50%, but with little momentum. Further moves higher could see the pair trade at .9975, but resistance could find it back towards .99422.
