USD/CAD Drops into 50% Retracement
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD has dropped into the 50% retracement of the rally from 1.0082. The topside of the broken resistance line crosses about 1.0169 tomorrow, just above the 61.8% retracement at 1.0163. The 3/15 low and 4/1 high at 1.0479/82 reinforce the area as one of support.
FOREXTrading Strategy: Order to go long at 1.0170, stop 1.0080, target 1.0400
LEVELS: 1.0103 1.0128 1.0163 1.0263 1.0293 1.0342
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.