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USD/CAD Breaks Trendline off of 2013 Lows

USD/CAD Breaks Trendline off of 2013 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Breaks 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 broken the trendline that extends off of the 2013 lows. 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, but failure to hold the 2013 trendline doesn’t bode well for the upside.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0100 1.0215 1.0260 1.0342

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