FOREX New York Session Video January 7, 2008

The USD/CAD found support at an overlap of the 200 ema and today's central pivot point during the first half of today's New York session. A new low for the day in the oil futures market prompted us to watch for a shift in the Loonie's momentum. The subsequent 5/8 cross provided a conservative entry on trade which eventually lost energy at a double-top level, short of our initial profit target at today's R1 pivot point. Traders who exited the long trade just before London close still tallied a 50-pip profit.