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USD/CAD Support Estimated Near 1.0340

By , Sr. Technical Strategist
05 August 2013 21:46 GMT

4Hour

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Support Estimated Near 1.0340

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Suspicions that the USDCAD was trying to form a low proved correct and the pair is rallying in an impulsive manner. The advance has stalled shy of the mid-July pivot highs in what may be part of a small correction before the next leg higher. The 50% and 61.8% retracements of the advance are at 1.0305 and 1.0324. These levels provide reference points for support.

FOREXTrading Strategy: Flat

LEVELS: 1.0275 1.0305 1.0338 1.0355 1.0392 1.0441

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05 August 2013 21:46 GMT