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USD/CAD Drops into Trendline off of 2013 Lows

USD/CAD Drops into Trendline off of 2013 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Drops into Trendline off of 2013 Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Price has dropped into support from the trendline that extends off of the 2013 lows. The current level down to 1.0100 is support. Bigger picture, a bearish triangle from the 2011 low remains very much possible. Weekly RSI has failed before 70 (right where it did at the 2011 and 2012 highs) as well. Another run at 1.0342 is possible, even in the context of a larger bearish triangle, so this isn’t a bad place to pick on the long side but I wouldn’t risk anything below parity.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0100 1.0215 1.0260 1.0342

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

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