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USD/CAD Holding on to Trendline Still

USD/CAD Holding on to Trendline Still

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Holding on to Trendline Still

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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 tested the trendline and has bounced. RSI stopped at 40. Since the 2012 low, daily RSI has bottomed between 30 and 40. Price is in the right area for a low to form.

FOREXTrading Strategy: Long, stop 1.0250 (was taken out offirst attempt today at 1.0255).

LEVELS: 1.0173 1.0251 1.0283 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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