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USD/CAD July Low at 1.0244 is Critical to Trend

USD/CAD July Low at 1.0244 is Critical to Trend

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD July Low at 1.0244 is Critical to Trend

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD has declined for 3 consecutive days. Momentum is waning as each day’s decline is smaller than the previous day’s decline. Price has also declined for 5 of the last 6 days.

-Price penetrated the line that extends off of the May, and July lows before firming to close the day above the line.

-The series of higher lows is in place as long as price is above 1.0244.

Trading Strategy: Flat

LEVELS: 1.0245 1.0275 1.0315 | 1.0379 1.0418 1.0470

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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