The Dollar/Cad has been bouncing off of the 800 sma for a couple of days now. It has had a nice run up (part of which we got) and may be running out of steam. One of two things will happen (as I see it anyway), either the pair will get the strength to break out above the 800 and stay there, or it will fall through the support line I've drawn on the chart to the right. Either way, we'll be ready. I'll buy on a close above or below the descending triangle lines. I'll put my initial stop above or below recent highs or lows (depending on whether I'm long or short). I'll use the 50 pip move to break even with a 20 pip trailing stop. I'll update tonight if something happens.Happy Trading!
