USD/CAD Technical Analysis for May 10, 2011

The USD/CAD fell today, ending with a shooting star shaped candle. The location is roughly where you want to see it for a short, since it is currently just under the all-important 0.97 level. The recent highs around the 0.9725 area could be a good place to set stops on any selling you do. Buying still isn’t recommended at this time since the overall trend is certainly still down, and very strong.

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