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USD/CAD Next to Break Major Levels?

USD/CAD Next to Break Major Levels?

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Next to Break Major Levels?

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 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.