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USD/CAD Holding Elliott Channel Support for Now

USD/CAD Holding Elliott Channel Support for Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Holding Elliott Channel Support for Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD is holding 4th wave Elliott channel support. 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.

FOREXTrading Strategy: The most recent update was that the “next opportunity to get long should come between 10158 and 10207”. We’re nearing the top of this zone. Elliott channel support comes in at 1.0180 on Friday so the zone can probably be narrowed to 1.0158/80. Looking for long opportunities in that zone with a 1.0080 stop (no orders yet).” The low today was 1.0080. Structurally, the upside is valid as long as price is above the wave 1 high at 1.0099 (daily closing).

LEVELS: 1.0086 1.0100 1.0158 1.0268 1.0341 1.0446

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

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