Sept. 10/07 12:00 p.m. EST as I thought, resistance on the USDCAD would come in at around 1.0580 this morning. Should this Market close at under 1.0549 today, consider more downside by week’s end. Do play this one tightly though, as the remaining weak hands gasp their final breaths before giving up, making for some choppy moves as the struggle continues. My indicators are showing me that this Market will have a very tough time getting below 1.0274 … and this price is really not all that far away. For those of you with deep pockets, know that the Heavy Hitters have slowly been buying into this one every time it drops.
Caution, be prepared for a consuming spike to the downside before she finally takes off!