| Mar 22 2010, 14:43:58 GMT | Sydney: | 00:43 | Tokyo: | 23:43 | Barcelona: | 15:43 | London: | 14:43 | New York: | 09:43 | San Francisco: | 06:43 |
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Overnight, the USD CAD had a higher-high than the previous session and is now trading lower as traders await the release of the U.S. Gross Domestic Product Report.
With this market currently developing a closing price reversal top, we could see early weakness into an uptrending Gann angle at 1.0605. Although this is highly unlikely to occur today, this angle has to be watched over the short-run.
If a closing price reversal top is formed then look for a 50% retracement of the current main range of 1.0205 to 1.0820. This would make 1.0513 to 1.0440 a potential downside target. Everything depends on how much if at all the U.S. GDP exceeds the guess of 3.2% growth.
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Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider
your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some
or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of
all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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