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USD/CAD 1.0216 is Estimated Support

USD/CAD 1.0216 is Estimated Support

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD 1.0216 is Estimated Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote last week that “focus remains on a multiyear trendline at about 1.0420 this week. The 2012 high is 1.0446. 1.0420/46 may be difficult to penetrate on the first try. After trading to 1.0420 on Wednesday, the USDCAD reversed and closed on the lows. Price is vulnerable.” Given the structure of weakness from Sunday’s Asian high, I’m inclined to look slightly lower towards the 20 day midpoint at 1.0216. The 5/5 high at 1.0218 reinforces.

FOREXTrading Strategy: Flat

LEVELS: 1.0152 1.0216 1.0255 1.0294 1.0349 1.0380

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