Buyers have been in soaking up the falls towards 1.0400 with bids coming in at 1.0400/10 and the low today has been 1.0397. Further bids are seen down at 1.0380/85 with small sell stops touted on a break. Small bids tacked further down to 1.0350.
Offers still aren’t of any significant size on the way up to and including 1.0450 with a mixed bag through to 1.0500.
The tech levels are doing a fine job in defining the market and playing the edges of the wedge is the way to trade it.
USD/CAD daily chart 04 11 2013
I’m quite liking the look of that convergence of the 55 & 100 dma’s around 1.0381/84 and I’ll be interested in taking a long against it this side of the NFP for a 40-50 pip bounce.
