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USD/CAD Rips Through Resistance Line; 1.0444 Now Support

By , Sr. Technical Strategist
21 August 2013 22:35 GMT


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Rips Through Resistance Line; 1.0444 Now Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Quick review – the USDCAD opened the month at 1.0275 and raced higher into 1.0444. A sharp 2 day selloff culminated with CAD employment on the 9th and the low was right at the open of the month. Price has inched higher the following 6 days until today, when price challenged and closed above the line that extends off of the July and August highs. The picture is constructive.” The bull case was borne out today. Support is 1.0444 (former high).

FOREXTrading Strategy: Flat

LEVELS: 1.0369 1.0400 1.0444 1.0513 1.0570 1.0608

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21 August 2013 22:35 GMT