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USD/CAD Narrowly Misses 1.0250; Testing 1.0300

USD/CAD Narrowly Misses 1.0250; Testing 1.0300

2013-07-30 23:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Narrowly Misses 1.0250; Testing 1.0300

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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 40 continues to serve as support. 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, target half at 1.0440

LEVELS: 1.0173 1.0251 1.0266 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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