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USD/CAD Breaks Parallel Channel Support

USD/CAD Breaks Parallel Channel Support

2013-04-30 22:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Breaks Parallel Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD broke below parallel channel support and to its lowest level in over 2 months. Currently holding downward sloping channel support, a few days of consolidation is probably needed in order to correct a sharp 4 day decline. The underside of the broken channel line is potential resistance. Something that should worry bulls however is the extreme COT positioning.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0001 1.0056 1.0122 1.0170 1.0206

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