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USD/CAD Putting Line off of July and August Highs to Test

USD/CAD Putting Line off of July and August Highs to Test

2013-08-20 22:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Putting Line off of July and August Highs to Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Quick review – the USDCAD opened the month at 1.0275 and raced higher into 1.0444. A sharp 2 day selloff culminated with CAD employment on the 9th and the low was right at the open of the month. Price has inched higher the following 6 days until today, when price challenged and closed above the line that extends off of the July and August highs. The picture is constructive.

FOREXTrading Strategy: Flat

LEVELS: 1.0292 1.0315 1.0369 1.0422 1.0444 1.0469

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