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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.68%, while traders in Germany 30 are at opposite extremes with 70.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vbeOzxRu74
USD/CAD Offering Little to Work With

USD/CAD Offering Little to Work With

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Offering Little to Work With

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: I wrote last week that “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.” The USDCAD spiked into channel resistance Friday and has backed off since. A break of Friday’s large range will signal the next directional opportunity.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0127 1.0235 1.0267 1.0342

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