USD/CAD Unimpressed with Other Commodity FX Moves
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: No change: “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 1.0379 1.0420 1.0500
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