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USD/CAD Continues to Churn below 1.0300

USD/CAD Continues to Churn below 1.0300

2013-04-23 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Continues to Churn below 1.0300

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 struggled after the break above trendline resistance. As such, the market may be preparing for a drop to correct the sharp advance from 1.0082. 1.0163/88 is estimated as support. The topside of the broken resistance line crosses the zone for the rest of the week.

FOREXTrading Strategy: Want to get long on a dip at 1.0190.

LEVELS: 1.0103 1.0163 1.0188 1.0293 1.0342 1.0407

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