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USD/CAD Still a Near Term Bull

USD/CAD Still a Near Term Bull

2013-05-16 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Still a Near Term Bull

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.” An upward sloping inverse head and shoulders was confirmed with Wednesday’s trade. The target from that pattern is 1.0290.

FOREXTrading Strategy: Long, risk moved up to 1.0080, target 1.0290.

LEVELS: 1.0080 1.0115 1.0144 1.0229 1.0293 1.0342

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