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USD/CAD Nearing 5 Waves Down from April High

USD/CAD Nearing 5 Waves Down from April High

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Nearing 5 Waves Down from April High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change from yesterday other than noting that the USDCAD has dropped to a new low…possibly in a 5th wave. “One more low would make the decline from 1.0293 in 5 waves. Regardless of the larger USDCAD trend, the implications are for a bounce back to at least 1.0130. Estimated support is 1.0040 and at least a correction of the decline from 1.0293 is favored as long as price is above 1.0000 on a daily closing basis.”

FOREXTrading Strategy: Long, stop is daily close below 1.0000, target 1.0170

LEVELS: .9904 .9932 1.0001 1.0065 1.0095 1.0131

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

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