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USD/CAD Dip Possibly Underway after Friday Reversal

USD/CAD Dip Possibly Underway after Friday Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Dip Possibly Underway after Friday Reversal

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 this week and decreases roughly 5 pips per week. I wrote last week that the “rally probably composes wave 5 within the 5 wave rally from 9932. The implications are for a corrective decline into 10158-10207 before additional gains.” Friday’s key reversal (and J-Spike) is a good start for a period of corrective weakness.

FOREXTrading Strategy: Next opportunity to get long should come between 10158 and 10207 with a 10085 stop. Notice that former channel resistance (pointed out early this week) is acting as support.

LEVELS: 1.0158 1.0216 1.0255 1.0309 1.0342 1.0362

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

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