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USDCAD Trades to Highest Level Since January

USDCAD Trades to Highest Level Since January

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Trades to Highest Level Since January

Prepared by Jamie Saettele, CMT

“As more information (price date) is revealed, it seems more and more likely that the late April decline was a false break. There will surely be stubborn traders out there that hold on to shorts, which should fuel the move higher in the coming weeks.” The USDCAD traded to its highest level since late January today. The trade above 10050 leaves the late April decline as a confirmed false break. Weakness should be bought. Trendline resistance (off of the October and November 2011 highs) looms at 10100.

Ideas: long on weakness into 9930/50, stop 9825

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