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USD/CAD Breaks Channel; Nears Line from May and June Lows

USD/CAD Breaks Channel; Nears Line from May and June Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Breaks Channel; Nears Line from May and June Lows

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 broken the channel and is nearing the trendline but there still isn’t enough evience to act on from a swing basis.

FOREXTrading Strategy: Flat

LEVELS: 1.0173 1.0251 1.0293 1.0325 1.0366 1.0393

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

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