250 pips profit - Canadian dollar continues to strengthen above parity

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Objective Met with 250 pips profit

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Time: April 7 2010, 08:32GMT
Rate: 0.9980
Strategy: Target Met
Positon: Short at 1.0230

Usd/cad's rebound from the March 19 low of 1.0062 has been capped earlier at 1.0303 (briefly climbing above a fibonacci retracement at 1.0298) and a breach of 1.0062 would extend the downtrend from the 2009 high of 1.3064 (which was confirmed after the breakout of the broad trading range of 1.0206-1.0869) to the parity (1.0000) level and later towards the confluence at 0.9819/23 (chart support and fibonacci projection level) before we see another corrective bounce.

Our short position remains in play with a stop that protects the trade with a loss and a breach of the resistance at 1.0303 would call for a temporary low formation and result in a retracement to 1.0371 ahead of 1.0500.


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