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USD/CAD Drops into 50% Retracement

USD/CAD Drops into 50% Retracement

2013-04-24 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Drops into 50% Retracement

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 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

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