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USD/CAD Decline Consists of 2 Equal Legs

USD/CAD Decline Consists of 2 Equal Legs

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Decline Consists of 2 Equal Legs

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 and reached the 100% extension of the decline from the top. Equal legs are consistent with corrections so the USDCAD could turn higher from here. Exceeding 1.0180 would be a good sign for bulls. 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.”

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0100 1.0180 1.0260 1.0342

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

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