Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trendline or Channel Could Come into Play 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.” The breakout has failed but watch for support in the coming days from the trendine that extends off of the May and June lows and the parallel channel support line from the line that connects the May and July highs.

FOREXTrading Strategy: Flat

LEVELS: 1.0286 1.0316 1.0345 1.0400 1.0440 1.0494