...I hope everyone had a great Holiday.
Turning to the charts, the USD/CAD has my attention. I've identified support and resistance on the chart below, as well as the short term upward moving trend line. If you take a look at the daily chart, you can clearly see the upward moving trend line that price bounced off last week. I'm open for both a continuation and retest of 1.30 or a break below and dump back to 1.15.
I wouldn't mind shorting a gap up today, as long as the 1.2475/1.25 support is respected. Otherwise, we should be gearing up for some movement in one direction or the other this week.
Thoughts??
As for the EUR/USD, I don't know...I was looking for a breakout last week that didn't happen..and instead, we fell through what I saw as support at 1.28...I now see it sitting on a moving average on the daily at 1.27 and I'm thinking we may just see some range movement between 1.24 and 1.31, much like we saw after the huge run to 1.60 earlier this year. I'll be on the sidelines unless the pair is at an extreme support or resistance but will be watching for any possible gap plays on the pair this afternoon.
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