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USD/CAD Drops into Support Zone That Extends to 1.0265

USD/CAD Drops into Support Zone That Extends to 1.0265

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Drops into Support Zone That Extends to 1.0265

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.” Focus remains on a multiyear trendline at about 1.0425 this week. Like the other USD commodity crosses, the setback from 1.0392 may compose a 4th wave. The current level down to 1.0265 is support.

FOREXTrading Strategy: Flat

LEVELS: 1.0148 1.0216 1.0265 1.0343 1.0392 1.0425

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