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USD/CAD Engulfs Prior 4 Days; Still Contained by Channel

By , Sr. Technical Strategist
14 November 2013 20:31 GMT

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Engulfs Prior 4 Days; Still Contained by Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDCAD has pulled back from the line that crosses the July and August highs. The level is reinforced by upward sloping channel resistance.

-A break above the latter channel could trigger a significant move higher.

-An early month low is in place at 1.0397. Weakness below there would shift focus to channel support.

Trading Strategy: Weakness below 1.0450 would present an opportunity to get long against 1.0397 but this isn’t something I am entertaining. There are better opportunities.

LEVELS: 1.0397 1.0420 1.0450 | 1.0501 1.0515 1.0547

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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14 November 2013 20:31 GMT