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USD/CAD One More Low May Precede a Rally

USD/CAD One More Low May Precede a Rally

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_uscad_body_usdcad.png, USD/CAD One More Low May Precede a Rally

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: One more low would make the decline from 1.0293 in 5 waves. Regardless of the larger USDCAD trend, the implications are for a bounce back to at least 1.0130. Estimated support is 1.0040 and at least a correction of the decline from 1.0293 is favored as long as price is above 1.0000 on a daily closing basis.

FOREXTrading Strategy: Order to buy 1.0045, stop is daily close below 1.0000, target 1.0170

LEVELS: .9932 1.0001 1.0050 1.0130 1.0206 1.0263

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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