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USD/CAD Bullish Channel Failure Muddles Picture

USD/CAD Bullish Channel Failure Muddles Picture

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Bullish Channel Failure Muddles Picture

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The break below Elliott channel support makes being long a crapshoot. There are just too many options from a pattern perspective but in general the next support area is 1.0100/20. This is former resistance and where the decline from the top would consist of 2 equal waves.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0100 1.0215 1.0260 1.0342

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