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USD/CAD Key Reversal on Channel Line

USD/CAD Key Reversal on Channel Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Key Reversal on Channel Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change – “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

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

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