Wednesday, July 11, 2007

USD/CAD Resistance - Fibonacci, Moving Average


An addendum to the previous post, a glance at the daily chart reveals that the rally hit resistance at the 20-day moving average (about 1.0615) before slipping back below the 1.0600 figure. We also have a 50% Fibonacci resistance point near 1.0600, so the stop has a good degree of protection. This doesn't guarantee success, but it doesn't hurt, either.