The only thing I don't like about the hammer forming on USD/CAD is the small upper wick. Last time I called a candle like that a hammer I was told to do some reading. The hammer portion, or the body part looks a little too big as well, but would still qualify as a long-shadow.
Resistance above is at 1.2520, which coincides with the 50, so I would place an entry order long past that point for one. Once past that level, next resistance to watch for would be 1.2650 area, which is fairly strong. Then look to 1.2750, 1.2900, and then the 1.3000 psycho.
Forming on top of BOSS 20 and 1.2230 support would make this a pretty good setup. At least a B, if you were to rate it like on James16.
AstonDan was pretty right on about the 1.2110 support, stops should be placed below that level.
http://img17.imageshack.us/img17/4741/usdcad.gif
Resistance above is at 1.2520, which coincides with the 50, so I would place an entry order long past that point for one. Once past that level, next resistance to watch for would be 1.2650 area, which is fairly strong. Then look to 1.2750, 1.2900, and then the 1.3000 psycho.
Forming on top of BOSS 20 and 1.2230 support would make this a pretty good setup. At least a B, if you were to rate it like on James16.
AstonDan was pretty right on about the 1.2110 support, stops should be placed below that level.
http://img17.imageshack.us/img17/4741/usdcad.gif
Bang.