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USD/CAD Support Expected Slightly Below Market at Former 4th Wave

USD/CAD Support Expected Slightly Below Market at Former 4th Wave

2013-02-27 23:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Support Expected Slightly Below Market at Former 4th Wave

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The next big level of interest for USDCAD 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 former 4th wave of one less degree at 10158-10207.

FOREXTrading Strategy: Next opportunity to get long for a new high should come between 10158 and 10207 with a 10085 stop.

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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