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USD/CAD Large Range Key Reversal at Huge Support

USD/CAD Large Range Key Reversal at Huge Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Large Range Key Reversal at Huge Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD made a key reversal on a larger than average range (so did USDMXN and USDZAR by the way).

-More important, the reversal occurs near 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) AND corrective channel support.

Trading Strategy: USDCAD (along with USDMXN and USDZAR) are the best reversal setups. I’ll wait for a new week to act on the evidence.

LEVELS: 1.0136 1.0184 1.0233 | 1.0274 1.0317 1.0355

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

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