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USD/CAD Multiyear Trendline at about 1.0425 This Week

USD/CAD Multiyear Trendline at about 1.0425 This Week

2013-05-22 22:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Multiyear Trendline at about 1.0425 This Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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.” The upward sloping inverse head and shoulders pattern played out last week with price reaching the 1.0290 target and focus is now on a multiyear trendline at about 1.0425 this week.

FOREXTrading Strategy: Flat

LEVELS: 1.0216 1.0295 1.0330 1.0425 1.0514 1.0545

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

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