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USD/CAD Bullish Channel May be Forming

USD/CAD Bullish Channel May be Forming

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Bullish Channel May be Forming

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD gapped lower and traded to its lowest level since 8/9.

-A line parallel to the line off of the March and July highs served as support on Monday. A bullish channel may be forming. The line that extends off of the January and May lows is slightly below the August low.

Trading Strategy: Flat

LEVELS: 1.0245 1.0275 1.0305 | 1.0355 1.0418 1.0470

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

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