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USD/CAD Follows Through on Elliott Channel Hold

USD/CAD Follows Through on Elliott Channel Hold

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Follows Through on Elliott Channel Hold

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD followed through after holding 4th wave Elliott channel support on Friday. 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 low was right at Elliott channel support but structurally, the upside is valid as long as price is above the wave 1 high at 1.0099 (daily closing). Beware of a ‘choppy’ market pattern such as a triangle or even a flat, which are common 4th wave patterns.

LEVELS: 1.0100 1.0158 1.0230 1.0268 1.0341 1.0446

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