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USD/CAD Trades in Miniscule Range but Breaks Losing Streak

USD/CAD Trades in Miniscule Range but Breaks Losing Streak

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trades in Miniscule Range but Breaks Losing Streak

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD inched higher after declining for 4 consecutive days and for 6 of the last 7 days.

-Price broke below the line that extends off of the May, and July lows on Wednesday but the series of higher lows is in place as long as price is above 1.0244.

-1.0275 is possible support ahead of 1.0245. A major low was registered on 9/14/12.

Trading Strategy: Flat

LEVELS: 1.0245 1.0275 1.0305 | 1.0364 1.0418 1.0470

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

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