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USD/CAD Trades above Trendline Confluence

USD/CAD Trades above Trendline Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trades above Trendline Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDCAD has traded through long term channel resistance. Price levels of interest are now 10362 and 10446. The trendline that extends off of the 2010 and 2011 highs crosses the latter level the next few weeks.

FOREXTrading Strategy: We exited longs Thursday (prematurely it turns out) but any setback should find support at 10200.

LEVELS: 10100 10158 10207 10300 10362 10400

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

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