Same trade as earlier, same reason. We're seeing some resistance in the 107. area...USD rallied against all other pairs while CAD held the line. I believe the CAD is a bit oversold here and the 107 mark is about the 68% fib of the March07-Nov07 decline.
I'm also keeping an eye on the daily as we do have a bit of an uptrend going...but as long as the 107 top stays in place, I think we should at least see a good 100-120pip move downwards to the 105.5 level.
I will look to close this position early if we get a daily close over the 107. level.
Pictured is the daily & hourly. Unfortunately, this is more of an hourly play but using the fact that the daily hasn't closed above the 107 level. Usually, I would rather have the entire play based on daily charting and only use the hourly for specific entry/exit...but for this trade, the hourly charts will be more involved.
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