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USD/CAD 2 Equal Legs Down is Consistent with Correction

USD/CAD 2 Equal Legs Down is Consistent with Correction

2013-05-13 12:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD 2 Equal Legs Down is Consistent with Correction

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD decline from the March high consists of 2 equal legs, which is characteristic of corrections. The suggestion is that the larger trend is up…as long as price is above 1.0012. Strength above the internal trendline that extends off of the March and early April high is promising.

FOREXTrading Strategy: Long, against 1.0010, target 1.0170 and open

LEVELS: .9932 1.0013 1.0066 1.0170 1.0293 1.0341

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