News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CAD Follows Through after Friday Breakout

USD/CAD Follows Through after Friday Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Follows Through after Friday Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Wrote last week that “the trendline that extends off of the May 2010 and October 2011 highs pinpointed the USDCAD high in May. 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.” Friday’s close confirmed a break above the trendline that extends off of the May 2010 and October 2011 highs. This is a longer term breakout and the measured objective is 1.1909 (1.0657-.9406 + 1.0657). The breakout is valid as long as price is above 1.0170 and initial support is estimated at 1.0420/40.

FOREXTrading Strategy: Order to buy 1.0440, stop on half at 1.0360 and on half at 1.0170

LEVELS: 1.0270 1.0360 1.0420/40 1.0526 1.0657 1.0853

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

DISCLOSURES