USD/CAD On Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: “The USDCAD has traded sideways all week in what could be a triangle. The implications are for a final low below 1.0325 before a reversal to the upside. Watch for support 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.” Price has slid to a new low but there isn’t enough evidence to act on from a swing basis.
FOREXTrading Strategy: Flat
LEVELS: 1.0173 1.0251 1.0293 1.0366 1.0393 1.0441
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.