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USD/CAD at Home in the Range

USD/CAD at Home in the Range

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD at Home in the Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The trendline that extends off of the May 2010 and October 2011 highs pinpointed the high last week. Exceeding that high (1.0420) is needed in order to alleviate downside pressures. Until then, I’m inclined to stay with a range bias and look towards the 20 day midpoint at 1.0216. The 5/5 high at 1.0218 reinforces that level as one of interest.

FOREXTrading Strategy: Flat

LEVELS: 1.0152 1.0216 1.0255 1.0349 1.0380 1.0420

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