FX.co ★ USD/CAD about the psychological level of 1.000 , November 8, 2010 (Daily Strategy)

A sequence led the U.S. dollar - Canadian dollar back to the previous minimum area around the psychological level of 1.000. This level is a tough stand that could lead to up the pair once again. The Momentum indicator supports the investment potential and thus helps prepare for taking a long position on the pair.
The trigger for taking a stand is the resistance level of 1.0070. This level has a double meaning as it crosses the trend line that accompanies the movement of the pair in recent times. At the end of the 4-hour bar above the trigger to filter, to the extent possible, a break in vain should be expected. Upward sequence would advance all the way to the previous peak level around 1.0300. Even so, our starting point is located slightly above the resistance of 1.0270 Canadian dollars per U.S. dollar.