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USD/CAD Flat Correction Possibly Ending Soon

USD/CAD Flat Correction Possibly Ending Soon

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Flat Correction Possibly Ending Soon

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Noted in recent days that “momentum has waned since the breakout which is reason to question whether or not the breakout will fail. Still, higher highs are in place above 1.0470 and potential support from the line that extends off of the 6/27 and 7/4 lows is just below current price.” 1.0470 went and the USDCAD quickly dropped through 1.0400 but is now testing the top side of the former long term resistance line. A flat was proposed today and may be near completion.

FOREXTrading Strategy: Flat…trailing stop hit at 1.0470…waiting for a tradeable low

LEVELS: 1.0286 1.0316 1.0366 1.0446 1.0494 1.0570

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