USD/CAD Next to Break Major Levels?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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 shot through everything and has just the high to contend with at this point. The close this week is important…allow that before passing judgment on what’s next.
FOREXTrading Strategy: Flat
LEVELS: 1.0251 1.0286 1.0332 1.0421 1.0448 1.0525
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.