The U.S. dollar inched higher yesterday against CAD and that continued in Asia-Pacific trading but the optimistic Chinese day quickly wiped out the USD rally.
We continue to advocate establishing longs with tight stops. This market is very indecisive but with Stochastics offering a strong buy signal and support at 1.0288 holding, we see the risks as heavily skewed to the upside.
Our first support level is the band between 1.0288 and 1.0294 that’s followed by 1.0139. There is resistance at 1.0395.