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USD/CAD a Range Trader’s Delight

USD/CAD a Range Trader’s Delight

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD a Range Trader’s Delight

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. Near term, the hold at 1.0150 favors a constructive bias towards 1.0260/87.” The USDCAD has returned to 1.0260/87. The area is also home to trendline resistance and the 50% retracement of the decline from 1.0420. There’s a lot of ‘stuff’ to get through so some consolidation might be in order. 1.0250 is estimated support.

FOREXTrading Strategy: Flat

LEVELS: 1.0173 1.0225 1.0250 1.0287 1.0311 1.0348

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