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USD/CAD Near Term Pattern Still Constructive

USD/CAD Near Term Pattern Still Constructive

2013-08-27 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Near Term Pattern Still Constructive

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: In light of recent strength, it’s wise to take a gander at the big picture (weekly). Well, the big picture is awfully constructive. The CAD is under the radar so a breakout would probably be dismissed, especially after the false break in July. Pay attention to this one. Near term, the pullback from last week’s high would consist of 2 equal legs at 1.0467.

FOREXTrading Strategy: In normal times, I would be looking to go long. In late August, I’ll sit on my hands.

LEVELS: 1.0369 1.0390 1.0444 1.0496 1.0570 1.0608

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