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USD/CAD Focus Shifts to 1.0158-1.0207 Support Zone

USD/CAD Focus Shifts to 1.0158-1.0207 Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Focus Shifts to 1.0158-1.0207 Support Zone

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 10453 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.” The 3/1 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. The low end of this range begins crossing Elliott channel support on Tuesday.

LEVELS: 1.0158 1.0207 1.0233 1.0296 1.0341 1.0446

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

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