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USD/CAD Range Tightens ahead of 20 Day Average

USD/CAD Range Tightens ahead of 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Range Tightens ahead of 20 Day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The rally from 9932 is probably a 3rd or C wave. Levels of interest are 10223 (where the rally from 9633 would consist of 2 equal legs) and 10266 (61.8% of decline from 10657). Trend and channel lines intersect in late-February / early March near these levels, which are also defined by pivot highs from July. The 20 day average and a trendline that extends off of the January and February lows is of interest as support from roughly 9975-10000.

FOREXTrading Strategy: Long against 9930, target 10230/50.

LEVELS: 9902 9932 9976 10043 10099 10159

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

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