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USD/CAD Coiling for Breakout?

USD/CAD Coiling for Breakout?

2013-09-02 00:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Coiling for Breakout?

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 and may compose a 4th wave correction.

FOREXTrading Strategy: Support for Friday is 1.0518 and 1.0487.

LEVELS: 1.0444 1.0473 1.0518 1.0570 1.0608 1.0657

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