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USD/CAD Takes out 7/16 High; 1.0350 Estimated Support

USD/CAD Takes out 7/16 High; 1.0350 Estimated Support

2013-08-07 23:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Takes out 7/16 High; 1.0350 Estimated Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Suspicions that the USDCAD was trying to form a low proved correct and the pair is rallying in an impulsive manner. Price has taken out the mid-July pivot highs which may be enough to inspire a small correction lower. Estimated support surrounds 1.0350.

FOREXTrading Strategy: Flat

LEVELS: 1.0305 1.0350 1.0390 1.0441 1.0499 1.0570

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