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USDCAD Resolution Possible on Tuesday

USDCAD Resolution Possible on Tuesday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Resolution Possible on Tuesday

Prepared by Jamie Saettele, CMT

Last week’s action is a perfect example of a false break (at 2nd or even 3rd standard deviation band) after a tight range (see recent NZDUSD false bullish break). Price may be coiling for an explosive breakout, but that’s conjecture. There is little else to say at this point as the range, at least for now, lives on. The Bank of Canada rate decision is Tuesday at 9 am EST. In the event of an upside break, an objective is 10260 (breakout + range width or 10050 + (10050-9840)). 10160 would act as interim resistance.

Bottom Line (next 5 days) – ?

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