ForexForex SignalsForex Trade IdeaJanuary 2011Looniesimple tradingsupport and resistanceUSD/CAD

Loonie Trade Idea – Part II

by Walter January 23, 2011 0 comment
The USD/CAD falls down to 0.9850 once again. (Click chart to enlarge.)

Where did the USD/CAD fall to? It fell to the 0.9850, which is the same level the USD/CAD previously found support.

Recently we looked at the USD/CAD chart, I suggested that the pair was due for a fall. The pair did indeed fall. Where did the USD/CAD find support? At the 0.9850 level, which is the same price the USD/CAD found support at on January 12, 2011.

Forex trading does not have to be difficult, it can be as easy as finding places on the chart where price reverses over and over again. These support and resistance zones are great places to look for high probability trade setups.

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