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USD/CAD Drops into Well-Defined Support Zone

USD/CAD Drops into Well-Defined Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Drops into Well-Defined Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD has dropped into a well-defined support zone from the late January and mid-February highs, 38.2% Fibonacci and confluence of trend / channel lines. Remember, bigger picture trend is sideways as a triangle from the 2011 low is a distinct possibility. That would mean lower prices from here but the path could be choppy since triangles are corrective. It’s not a great environment for trading.

FOREXTrading Strategy: Flat

LEVELS: .9987 1.0018 1.0070 1.0133 1.0180 1.0235

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

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