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USD/CAD Spikes Below 1.0200 Before Snapback

USD/CAD Spikes Below 1.0200 Before Snapback

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Spikes Below 1.0200 Before Snapback

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. The USDCAD drop ended right at 1.0200 (just below the 20 day midpoint and 5/15 high at 1.0216/18). As long as price is below 1.0420, respect potential for a deeper correction of the advance from .9632. 1.0290 is estimated resistance.

FOREXTrading Strategy: Flat

LEVELS: 1.0067 1.0152 1.0200 1.0290 1.0349 1.0420

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