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USD/CAD Testing Top Side of Former Resistance Line as Support

USD/CAD Testing Top Side of Former Resistance Line as Support

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Testing Top Side of Former Resistance Line as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCAD may still be trying to form a low. The low today tagged the top side of the recently broken short term trendline. RSI 40 (daily) 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: Flat

LEVELS: 1.0136 1.0173 1.0245 1.0335 1.0366 1.0393

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

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