usd-cad

The USDCAD rally from 1.0200 unfolded as an impulse so the strategy is to buy dips.  I wrote yesterday that “with the bulk of the advance complete, it is best to either move to the sidelines or keep risk tight (1.0710) in order to lock in gains.  There should be an opportunity to return to the long side at a later date.”  There are 2 areas to expect support – 1.0540/50 and 1.0440/60.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.  Send requests to receive his reports via email to jsaettele@dailyfx.com.
 

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