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USD/CAD Advances for 5th Day but Momentum Slows at Channel

USD/CAD Advances for 5th Day but Momentum Slows at Channel

2013-02-21 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Advances for 5th Day but Momentum Slows at Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDCAD has reached long term channel resistance. 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: Momentum slowing at channel resistance warrants us moving from long to flat. New longs will be favored into trendline support.

LEVELS: 10057 10100 10137 10200 10231/49 10362

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

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