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USD/CAD Trades into Year Long Trendline; 100% Extension

USD/CAD Trades into Year Long Trendline; 100% Extension

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trades into Year Long Trendline; 100% Extension

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD broke the series of higher lows (and the last 2 months’ lows).

-Price reached the line that extends off of the September 2012 and January 2013 lows as well as the 100% extension of the decline from the July high (2 equal legs).

-A breakdown from here would open up a run on the June low at 1.0136 and 50% retracement of the rally from the September 2012 low at 1.0120.

Trading Strategy: Flat

LEVELS: 1.0120 1.0136 1.0172 | 1.0253 1.0274 1.0317

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

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