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USDCAD Pauses Before Next Move

USDCAD Pauses Before Next Move

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Pauses Before Next Move

Prepared by Jamie Saettele, CMT

The USDCAD reversal from the confluence of channel support and the 50% retracement of the advance from 9799 has me looking towards the top of the channel near 10300. As is the case across the board, USD strength is favored as long as last week’s USD low is in place. In this case, that is 10100. Price has oscillated between the upper and lower bands since early June, pausing for a week or so at the 20 day average in the process.

LEVELS: 10100 10130 10165 10230 10285 10360

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