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USD/CAD Setback to 10200 May be Underway after 10300 Rejection

USD/CAD Setback to 10200 May be Underway after 10300 Rejection

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Setback to 10200 May be Underway after 10300 Rejection

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0New to FX?Know Your Trader IQ

FOREXAnalysis: The USDCAD closed little changed after trading into the 10300s for the first time since July. The next big technical level of interest is the trendline that extends off of the 2010 and 2011 highs. That line is at about 10458 next week and decreases roughly 5 pips per week. Consolidation would likely find support in the next few days at the top side of former channel resistance.

FOREXTrading Strategy: We exited longs Thursday (prematurely it turns out) but any setback should find support near 10200 (former resistance at 10207 is now potential support).

LEVELS: 10100 10158 10207 10302 10362 10400

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

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