USD/CAD Nearing Channel Earlier Than Expected
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD is nearing a longer term channel earlier than expected. Price levels of interest remain 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. Support is defined by steep near term trendlines.
FOREXTrading Strategy: Risk on longs is moved up to 9995 (from 9930), target 10230/50. New longs not favored unless price consolidates/dips into trendline support.
LEVELS: 10057 10100 10137 10200 10231/49 10362