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USD/CAD Trades into Resistance Zone and Falters

USD/CAD Trades into Resistance Zone and Falters

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trades into Resistance Zone and Falters

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 USDCAD high. As long as price is below 1.0420, respect potential for a deeper correction of the advance from .9632. Yesterday’s cited resistance zone of 1.0226/61 held today so look lower.

FOREXTrading Strategy: Flat

LEVELS: 1.0013 1.0067 1.0152 1.0226 1.0261 1.0287

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

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