Seeking Alpha

ForexLive's  Instablog

ForexLive
Send Message
We provide real-time forex news and analysis at the highest level while making it accessible for less-experienced traders. Since 2009, ForexLive™ has been one of the most-visited foreign exchange trading hubs.
My company:
ForexLive
My blog:
ForexLive
  • USDCAD Quickly Rejects The New High 0 comments
    May 21, 2012 11:00 AM | about stocks: FXC

    The USD/CAD (NYSEARCA:FXC) moved to a new high going back to January 16th 2012 and in the process moved above the 50% of the move down from the 2011 high (reached in October at the 1.06559). That level comes in at 1.02272 and the high extended to 1.02445. That move above was quickly reversed and the price is now back below the 1.0227 level.

    Trader's concerned about the failure, will look to sell against the level now with a tight stop on a break above. If the price stays below that level, the 100 and 200 bar MA on the 5 minute chart will be the next targets at the 1.0200 area. A move below will look toward the low for the day at 1.0178 as the sellers look for a correction from the month long (well going back to April 27th) move higher. That move has trended the market from a low of 0.9798 to the high today or 1.02445 (446 pips)

    http://www.forexlive.com/blog/2012/05/21/usdcad-quickly-rejects-the-new-high/

    Themes: Currency ETF Stocks: FXC
Back To ForexLive's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • ECB's Constancio: Crisis not over; Constancio, a member of the ECB's managing board, is speaking in Frankfurt.
    Mar 28, 2012
  • Best hope for the EUR is an afternoon US equity rebound with European equity markets closing.
    Mar 6, 2012
  • Now I've heard everything...Talk swirling that the ECB will lend to the IMF, who in turn, will lend to euro states. Italian yields falling.
    Nov 17, 2011
More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.