USD/CAD Bouncing Off Key Zone

Good morning traders,

It’s a lovely Tuesday morning in Sydney today and I hope you’re back fully immersed in the markets for the week with me. There are some absolutely fantastic opportunities popping up all over my MT4 watch list and we want to be around to take advantage of them! I mean yesterday’s AUD/USD short was about as clean of a setup that you’re going to see, and today’s USD/CAD bounce has similar potential.

Sticking with USD/CAD, let’s cast our mind back to when I was talking about how to handle momentum moves and to really pay attention to how price reacts around major support/resistance levels to manage your risk.

Click the link to the blog that outlines my thoughts on the topic in the paragraph above, then take a look at today’s daily chart below:

USD/CAD Daily:

Click on chart to see a larger view.

As you can see, this zone has been key for both bulls and bears. Today’s call just happens to be using it to manage your risk as support.

So much for that Bank of Canada inspired drop, right?

Best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog