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USDCAD 10050 Acts as the Trigger

USDCAD 10050 Acts as the Trigger

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD 10050 Acts as the Trigger

Prepared by Jamie Saettele, CMT

Is the USDCAD going to finally do something? Price is on the verge of breaking through 10050, which has been critical support and resistance since December. In the event of a break higher, an immediate objective is 10260. This level is determined by adding the width of the range to the breakout (10050 + (10050-9840)). Longs are warranted with a stop below the early month low (9888). 10015 is support.

Bottom Line (next 5 days) – higher?

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