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3:22 PM // 0 comments // Unknown // Category: forex //

“Aggro” is simply the way I categorize “aggressive” entries. These are entries which are valid but – in the case of swing trades – are typically more shallow corrections that I am either buying to selling into.
The Canadian Dollar continues to gain on the U.S. Dollar as the price of crude is gaining momentum above $100/barrel and searching for support over 112.00. The push to 0.9526 and found buying support and the USD/CAD has rallied back above the 0.9550 major psychological level. The Bank of Canada Rate Statement tomorrow is expected to hold the Overnight Rate steady at 1.00%. Recall that Canada raised rates three times in 2010 – the most of any of the G7 countries.

Oil prices in the meanwhile offer a considerable boost to the loonie while the greenback pushes through the November 2010 low at 75.23. The expectation for more downside comes from bearish Directional Bias on the daily chart and therefore the intraday correction on the 240-minute time frame is an opportunity to shorting into the bounce. The resistance of the Channel as well as the 20 period SMA are aggro levels and should be entered with smaller position sizing as opposed to the more conservative 34 period EMA low, which is the bottom line of the 34EMA Wave.
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