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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